Business
Pasinex Resources Reports Q3 2017 Financial and Operating Results
TORONTO, ONTARIO--(Marketwired - Nov. 27, 2017) - Pasinex Resources Limited (CSE:PSE) (CSE:PSE.CN) (CNSX:PSE) (FRANKFURT:PNX) (The "Company" or "Pasinex") today
About this update from Pasinex Resources Ltd.
[{"type":"text","content":"TORONTO, ONTARIO--(Marketwired - Nov. 27, 2017) - Pasinex Resources Limited (CSE:PSE) (CSE:PSE.CN) (CNSX:PSE) (FRANKFURT:PNX) (The \"Company\" or \"Pasinex\") today reported net income of $1.8M for the third quarter of 2017 compared to $0.4M in the third quarter of 2016. In addition, considering net income from the first half of 2017 of $1.3M, Q3 shows a marked improvement in profitability due to a continuing upward trend in production and sales from its 50%-owned Horzum AS Joint Venture company (\"JV company\"), in Turkey. In Q3 the Pinargozu Mine produced 15,760 tonnes (wet weight) of direct shipping material (DSO) with an average grade of 35% zinc, which is an increase of 10% from Q2 2017 and 34% from Q1 2017. Mine output grew for the seventh consecutive quarter. The Q3 2017 unaudited financial statements and the corresponding Management Discussion and Analysis (MD&A) are available on SEDAR.com and the Pasinex website where the financial results for both Pasinex and the JV company are provided. The positive financial result of Pasinex is due to the strong financial result from the JV company. Below is a review of the JV company financial results followed by a review of the Pasinex financial results. All dollar amounts are Canadian unless otherwise indicated. Highlights of the Third Quarter and Nine Months 2017 and 2016 Financial Results (CDN$) Q3 2017 Q3 2016 9 Months 2017 9 Months 2016 Horzum AS (described on a 100% basis) Revenues $ 9,327,185 $ 3,413,571 $ 19,394,413 $ 6,931,254 Net Income $ 5,397,392 $ 1,187,340 $ 9,596,680 $ 1,591,785 (72% margin ) (35% margin ) (62% margin ) (23% margin ) Pasinex Resources Equity Gain $ 2,698,696 $ 593,671 $ 4,798,340 $ 795,893 Net Income $ 1,838,461 $ 417,898 $ 3,151,954 $ 215,907 (1) Pasinex Financial Highlights Pasinex's consolidated net income for Q3 2017 was $1.8M, which included a $2.7M equity gain from the JV company, offset by corporate expenses of $0.9M. Total assets at the end of Q3 2017 were $9.0M up from $6.8M at the end of Q2 2017 due to the equity gain. In addition, the remaining warrants were exercised for cash proceeds of $0.3M during the third qua...