Business
Eastern Platinum Limited Reports Results for the Second Quarter of 2023
Vancouver, British Columbia--(Newsfile Corp. - August 11, 2023) - Eastern Platinum Limited (TSX: ...
About this update from Eastern Platinum Limited
[{"type":"text","content":"Eastern Platinum Limited Reports Results for the Second Quarter of 2023Vancouver, British Columbia--(Newsfile Corp. - August 11, 2023) - Eastern Platinum Limited (TSX: ELR) (JSE: EPS) (\"Eastplats\" or the \"Company\") is pleased to report that it has filed its condensed interim consolidated financial statements for the three and six months ended June 30, 2023 and the corresponding management's discussion and analysis. Below is a summary of the Company's financial results for the second quarter of 2023 (\"Q2 2023\") and for the six months ended June 30, 2023 (\"YTD 2023\") (all amounts in USD unless specified) in comparison to the same respective period in 2022 (\"Q2 2022\" and \"YTD 2022\"):Revenue for Q2 2023 increased to $36.6 million (Q2 2022 - $20.5 million), representing a 78.5% increase. Revenue for YTD 2023 increased to $58.7 million (YTD 2022 - $37.9 million), representing a 54.9% increase.Mine operating income increased by $9.1 million (or 216.7%) to $13.3 million in Q2 2023 (Q2 2022 - $4.2 million), resulting in an improved gross margin of 36.2% in Q2 2023 from 20.3% in Q2 2022. Mine operating income in YTD 2023 increased by $10.9 million (or 143.4%) to $18.5 million (YTD 2022 - $7.6 million), resulting in an improved gross margin of 31.5% in YTD 2023 from 19.9% in YTD 2022.Operating income was $10.4 million in Q2 2023 compared to $0.9 million in Q2 2022. Operating income improved by $12.9 million to $13.9 million in YTD 2023 from an operating income of $1.0 million in YTD 2022.Net income attributable to equity shareholders was $7.7 million ($0.04 earnings per share) in Q2 2023 versus net income attributable to equity shareholders of $1.2 million ($0.01 earnings per share) in Q2 2022. The increase in Q2 2023 net income was largely attributable to the significant increase in third party chrome sales as well as lower overall operating costs in the quarter.Net income attributable to equity shareholders increased to $9.0 million ($0.06 earnings per share) in YTD 2023 compared to net income attributable to equity shareholders of $4.2 million ($0.03 earnings per share) in YTD 2022. The improvement during YTD 2023 is mainly attributable to the increased revenue and positive gross margins generated by the significant increase in third party chrome sales at the Crocodile River Mine (\"CRM\") as mentioned above.The Company had ...