Progressive Planet Announces Record Net Income for Q3

About this update from Progressive Planet Solutions Inc.

[{"type":"text","content":"\n \n \n \n Progressive Planet Announces Record Net Income for Q3\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n /NOT FOR DISTRIBUTION IN THE\n \n USA\n \n /\n \n \n \n \n \n KAMLOOPS, BC\n \n \n ,\n \n \n March 8, 2024\n \n \n /CNW/ - Progressive Planet Solutions Inc. (TSXV: PLAN) (OTCQB: ASHXF)\n \n (\"Progressive Planet\", \"PLAN\", or the \"Company\")\n \n , a leader in developing CleanTech solutions for the planet, is pleased to provide its financial results for the third quarter ending\n \n January 31, 2024\n \n .\n \n \n \n \n \n \n \n \n \n We are pleased to announce our financial results for the three months ended\n \n January 31, 2024\n \n , as compared to the three months ended\n \n January 31, 2023\n \n :\n \n \n \n Revenue increased by 9.5% to\n \n $4,812,604\n \n \n \n Gross profit increased by 54.1% to\n \n $1,566,847\n \n \n \n Gross margin increased to 32.6% compared to 23.1% in the prior period\n \n \n Income from operations increased to\n \n $549,255\n \n compared to a loss of\n \n $420,896\n \n in the prior Q3\n \n \n Net income increased to\n \n $348,689\n \n compared to a loss of\n \n $533,345\n \n for the prior period\n \n \n General and administrative expenses decreased by 17.7%\n \n \n \n Gross margin is a ratio which expresses gross profit as a percentage of revenue for a given period. It assists in explaining the Company's results from period to period and measuring profitability. This ratio is calculated by dividing gross profit for a period by the corresponding revenue for the period. There is no directly comparable IFRS measure.\n \n \n \"As discussed in prior news releases, Progressive Planet initiated a series of cost cutting measures. The Q3 results show the effects of these measures, including reductions in G&A and R&D costs with a corresponding increase in gross margin. I am proud of the team effort it took to accomplish this record quarter and we will continue to focus on conducting high margin business,\" stated\n \n Steve Harpur\n \n , CEO.\n \n \n \"I started with Absor...

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