Business
Eastern Platinum Limited Reports Results for the Third Quarter of 2021
Vancouver, British Columbia--(Newsfile Corp. - November 11, 2021) - Eastern Platinum Limited (...
About this update from Eastern Platinum Limited
[{"type":"text","content":"Eastern Platinum Limited Reports Results for the Third Quarter of 2021Vancouver, British Columbia--(Newsfile Corp. - November 11, 2021) - 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 and management's discussion and analysis for the three and nine months ended September 30, 2021. Below is a summary of the Company's financial results for the third quarter of 2021 (\"Q3 2021\") and for the nine months ended September 30, 2021 (\"YTD Q3 2021\") (all amounts in USD unless specified) in comparison to the same respective periods in 2020 (\"Q3 2020\" and \"YTD Q3 2020\", respectively): Revenue for Q3 2021 decreased to approximately $15.9 million (Q3 2020 - $16.8 million), representing a 5.4% decrease. Revenue for YTD Q3 2021 increased to $52.6 million (YTD Q3 2020 - $40.3 million), representing a 30.5% increase.Mining operating income increased by $0.2 million (or 11.8%) to $1.9 million in Q3 2021 (Q3 2020 - $1.7 million), representing an improved gross margin of 11.9% in Q3 2021 from 9.8% in Q3 2020. Mining operating income in YTD Q3 2021 increased by $2.6 million (or 65%) to $6.6 million (YTD Q2 2020 - $4.0 million), representing an improved gross margin of 12.6% in YTD Q3 2021 from 10.0% in YTD Q3 2020.Operating loss was $0.4 million in Q3 2021 compared to an operating loss of $0.8 million in Q3 2020. Operating loss improved by $1.7 million to $1.4 million in YTD Q3 2021 from $3.1 million in YTD Q3 2020, a 54.8% decrease in operating loss.Net loss attributable to shareholders was $2.5 million (loss attributable to shareholders - $0.02 per share) in Q3 2021 versus income of $0.2 million in Q3 2020 (earnings attributable to shareholders - $0.00 per share). The decrease during Q3 2021 is primarily attributable to an increase in the foreign exchange loss as the South African Rand weakened against the U.S. Dollar. Net income attributable to shareholders increased to $0.8 million (earnings attributable to shareholders - $0.01 per share) in YTD Q3 2021 compared to a loss of $11.0 million (loss attributable to shareholders - $0.12 per share) in YTD Q3 2020. The improvement during YTD Q3 2021 is mainly attributable to the increased revenue and positive gross margins generated by remining and processing the Compan...