Business
Malaga inc. reports net earnings in its third quarter 2007
Malaga Inc. (malaga) Symbol: MLG Toronto Stock Exchange(TSX)
About this update from M3 Metals Corp.
[{"type":"text","content":"\n\n\n\nMalaga Inc. (malaga)\n\n\nSymbol: MLG\n\n\nToronto Stock Exchange(TSX)\n\n\nMONTREAL, Nov. 15 /CNW Telbec/ - Malaga Inc. (TSX: MLG) reports its\nfinancial results for the three-month period ended September 30, 2007 (all\ncurrency figures appear in Canadian dollars unless otherwise specified). The\nconsolidated financial statements along with the management's discussion and\nanalysis are available for the viewing on the Malaga website at www.malaga.ca,\nand the documents have been filed with SEDAR at www.sedar.com.\n\n\nSUMMARY OF FINANCIAL RESULTS FOR THE THIRD QUARTER 2007\n\n\nCompared to results for the same period in 2006\n\n\n- Cash flow from operations before non-cash working capital variation was\n $704,994 in Q3 2007 compared to a utilization of $519,709 for the same\n period in 2006. The improvement is attributed mainly to an increase in\n gold sales and the attainment of commercial operating capacity at the\n Pasto Bueno tungsten mine, in April 2007.\n\n- Malaga recorded net earnings of $101,349 in Q3 2007 compared to a net\n loss of $536,801 for the same period in 2006. The improvement is\n attributed to the same reasons mentioned in the above paragraph. The\n costs since the beginning of the year have been high because of the\n start-up of Pasto Bueno and reorganisation in Peru. These costs will be\n lower and the company expects further improvement as the production\n capacity at the tungsten mine will be increased.\n\n- Revenue generated from the sale of gold and tungsten is $8,061,216 in\n Q3 2007, compared to $2,117,836 in Q3 2006. The gross margin deriving\n from gold and tungsten sales increased from $202,245 in Q3 2006, to\n $937,829 in Q3 2007. This significant increase is largely due to an\n increase in gold sales and the start-up of the commercial operation of\n the Pasto Bueno tungsten mine during the second quarter of 2007.\n\n- Tungsten production recorded in Q3 2007 was 16 044 MTU's. Revenue\n generated from the sale of tungsten during Q3 2007 was $2,809,936. The\n gross margin, before depreciation, deriving from tungsten production\n for Q3 2007 was $994,992. The average production rate for the three-\n month period was 250 tonnes/day, as the full capacity rate of\n 250 tonnes was reached in June 2007.\n\n- Gold production, deriving from custom milling at the Acari plant,\n increased to a recor...