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New Pacific Metals Reports Financial Results for the Three Months Ended September 30, 2018
VANCOUVER, British Columbia, Nov. 20, 2018 (GLOBE NEWSWIRE) -- New Pacific Metals Corp. (“New Pacific” or the “Company”) (TSX Venture: NUAG) (OTCQX: NUPMF) toda
About this update from New Pacific Metals Corp
[{"type":"text","content":" VANCOUVER, British Columbia, Nov. 20, 2018 (GLOBE NEWSWIRE) -- New Pacific Metals Corp. (“New Pacific” or the “Company”) (TSX Venture: NUAG) (OTCQX: NUPMF) today announced its unaudited condensed consolidated interim financial results for the three months ended September 30, 2018. This earnings release should be read in conjunction with the Company's Management Discussion & Analysis, Financial Statements and Notes to Financial Statements for the corresponding period, which have been posted under the Company’s profile on SEDAR at www.sedar.com and are also available on the Company's website at www.newpacificmetals.com. All figures are expressed in Canadian Dollars (CAD) unless otherwise stated. FINANCIALS Net loss attributable to equity holders of the Company for the three months ended September 30, 2018 was $752,583 or $0.01 per share (three months ended September 30, 2017 - net loss of $1,551,099 or $0.01 per share). The Company’s financial results were mainly impacted by the following: (i) income from investments of $117,197 compared to loss of $576,944 in the prior year quarter, and, (ii) operating expenses of $531,273 compared to $507,450 in the prior year quarter. Income from investments for the three months ended September 30, 2018 was $117,197 (three months ended September 30, 2017 – loss of $576,944). Within the income from investments, $364,957 was loss on the Company’s equity investments and $480,839 was income from fair value change on bonds along with interest earned. Operating expenses for the three months ended September 30, 2018 was $531,273 (three months ended September 30, 2017 - $507,450). Foreign exchange loss for the three months ended September 30, 2018 was $344,842 (three months ended September 30, 2017 - $469,304). The Company holds a large portion of cash and cash equivalents and bonds in US dollars while the Company’s functional currency is Canadian dollar. The fluctuation in exchange rates between the US dollar and Canadian dollar will impact the financial results of the Company. During the three months ended September 30, 2018, the US dollar depreciated by 1.7% against Canadian dollar (from 1.3168 to 1.2945) while in the prior year the US dollar depreciated by 3.8% against Canadian dollar (from 1.2977 to 1.2480). SILVER SAND PROPERTY The Company started the preparatio...