Business
Eastern Platinum Limited Reports Results for the Third Quarter of 2022
Vancouver, British Columbia--(Newsfile Corp. - November 11, 2022) - Eastern Platinum Limited ...
About this update from Eastern Platinum Limited
[{"type":"text","content":"Eastern Platinum Limited Reports Results for the Third Quarter of 2022Vancouver, British Columbia--(Newsfile Corp. - November 11, 2022) - 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 nine months ended September 30, 2022 and the corresponding management's discussion and analysis. Below is a summary of the Company's financial results for the third quarter of 2022 (\"Q3 2022\") and for the nine months ended September 30, 2022 (\"YTD 2022\") (all amounts in USD unless specified) in comparison to the same respective period in 2021 (\"Q3 2021\" and \"YTD 2021\", respectively): Revenue for Q3 2022 increased to $17.2 million (Q3 2021 - $15.9 million), representing an 8.1% increase. Revenue for YTD 2022 increased to $55.1 million (YTD 2021 - $52.6 million), representing a 4.8% increase.Mine operating income increased by $2.5 million (or 133.6%) to $4.4 million in Q3 2022 (Q3 2021 - $1.9 million), resulting in an improved gross margin of 25.7% in Q3 2022 from 11.9% in Q3 2021. Mine operating income for the YTD 2022 increased by $5.4 million (or 80.3%) to $12.0 million (YTD 2021 - $6.6 million), resulting in an improved gross margin of 21.7% in YTD 2022 from 12.6% in YTD 2021.Operating income was $1.6 million in Q3 2022 compared to an operating loss of $0.4 million in Q3 2021. Operating income improved by $4.0 million to $2.6 million in YTD 2022 from an operating loss of $1.4 million in YTD 2021.Net loss attributable to equity shareholders was $4.1 million ($0.03 loss per share) in Q3 2022 versus a net loss attributable to equity shareholders of $2.5 million ($0.02 loss per share) in Q3 2021. The Q3 2022 net loss was largely attributable to a larger foreign exchange loss in Q3 2022 due to the significant depreciation of the South African Rand to the U.S. Dollar in the period.Net income attributable to equity shareholders decreased to $0.2 million ($0.00 earnings per share) in YTD 2022 compared to net income attributable to equity shareholders of $0.8 million ($0.01 earnings per share) in YTD 2021. The reduction during YTD 2022 is mainly attributable to an increase in foreign exchange losses as the South African Rand depreciated against the U.S. Dollar as mentioned above. Furthermore, the Comp...