30th Jun 2017 13:02
30 June 2017
Asa Resource Group plc
("Asa Resource", "the Group" or "the Company")
Bindura Nickel Corporation - Release of Financial Results for the year ended 31 March 2017
The Company wishes to announce that Bindura Nickel Corporation ("BNC"), a 74.73% owned subsidiary, has released for publication its abridged audited results for the year ended 31 March 2017. The results show that BNC made a profit before tax of US$1.4 million on turnover of US$45.1 million (FY16: US$42.3 million).
Operational & Financial highlights
· Revenue increased by 7% to US$45.12 million (FY16 US$42.26 million)
· Production was 2% higher to 6,762t (FY16: 6,621t)
· Cost cutting measures resulted in 17% reduction in (C3) cost
· Profit before tax increased by 15% to US$1.4 million (after US$4.3 million impairment loss)
· Average nickel price realised was 3% lower than the previous year
· Smelter Restart Project more than 80% complete
· Zero fatalities
· Board changes
Full Year Results - 31 March 2017- Income statement ($m)
$'000 | FY2017 | FY2016 |
12 months ended 31 March 2017 | 12 months ended31 March 2016 | |
Revenue | 45,122 | 42,268 |
Cost of Sales | -31,172 | -33,191 |
Operating Profit | 2,397 | 1,752 |
Profit before tax | 1,416 | 1,232 |
Profit after tax ($'000) | 609 | 649 |
A full set of the abridged results will be posted on Asa Resource's website shortly.
Cautionary statement This announcement has been prepared solely to provide additional information to enable shareholders to assess the Group's strategy and business objectives and the potential for them to be fulfilled. It should not be relied upon by any other party or for any other purpose. It may contain certain forward-looking statements and has been made by the Directors in good faith based on information available to them at the time of their approval of this update. These statements should therefore be treated with caution due to the inherent uncertainties, including both economic and business risk factors, underlying such forward-looking information.
Contact
For more information http://www.asaresourcegroup.com/ or contact us below.
Asa Resource Group plc
One Fleet Place, London EC4M 7WS
Ian B Dearing, Executive Director, Group General Counsel and Company Secretary
Niall Henry, non-executive Director (Investor Relations)
Nominated Adviser and Broker
SP Angel Corporate Finance LLP
Prince Frederick House, 35-39 Maddox Street, London W1S 2PP
John Mackay, Jeff Keating, Caroline Rowe
Tel: +44 (0) 20 3470 0470
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