EURO Ressources : EURO RESSOURCES HAS RECORD REVENUE AND PROFIT FOR THE QUARTER ENDED MARCH 31, 2010
12 May 2010 - 3:05PM
Marketwired
EURO Ressources S.A. (Paris: EUR) today announced its unaudited
consolidated financial results for the quarter ended March 31, 2010
prepared in accordance with International Financial Reporting
Standards as adopted by the European Union. EURO reported record
profit of 3.47 million (0.06 per share) for the first quarter of
2010; this compares to a profit of 1.90 million (0.03 per share)
for the same period in 2009. All financial amounts are expressed in
Euros.
The following comments on the results for the quarter ended
March 31, 2010, are taken from our Management's Discussion and
Analysis:
EURO had record revenue of 5.60 million in the quarter ended
March 31, 2010 compared to 3.96 million in the first quarter of
2009, an increase of 42%. Substantially all of this revenue is
income from the Rosebel royalty. The Rosebel gold mine produced
98,344 ounces of gold during the first quarter of 2010, a 12%
increase from the 87,717 ounces of gold produced in the first
quarter of 2009. EURO is very fortunate to be able to continue to
benefit from the improvements in throughput, cut-off grade
optimization and recovery that were completed by IAMGOLD towards
the end of 2008. This increase in revenue also reflects the
increase in the average price of gold for the quarter ended March
31, 2010 of $1,109.12 per ounce of gold as compared to $908.41 per
average ounce of gold for the same period in 2009, an increase of
22%.
General and administrative expenses in the first quarter of 2010
were 0.25 million, as compared to 0.58 million for the first
quarter of 2009, a decrease of 56%, in part due to the security
costs at the Paul Isnard properties in French Guiana no longer
being the company's responsibility, but also a general decrease in
activities due to the fact that the company is not seeking new
business opportunities at this time. This downward trend in general
and administrative costs will continue.
The increase in amortization expenses in the first quarter of
2010 of 0.15 million (2009: 0.14 million), a 6% increase,
reflects the higher gold production at the Rosebel mine as compared
to the first quarter of 2009.
Since the last 5,700 ounces of gold were settled at the end of
January 2010, EURO has no more financial instrument expense related
to gold for the quarter ended March 31, 2010. This compares to a
financial instrument expense of 0.36 million for the quarter ended
March 31, 2009, at what time there still were 8,550 ounces of gold
remaining under the company's gold hedge contract.
We have recognized a temporary future tax credit for the first
quarter 2010 of 0.13 million. Since there is no more tax losses
carried forward, the deferred tax asset relates to temporary
differences.
Liquidity
Consolidated cash and cash equivalents at March 31, 2010
totalled 15.25 million. EURO expects to have sufficient cash flow
to fund our on-going operational needs.
About EURO
EURO is a French company whose principal asset is the Rosebel
Royalty on gold production at the Rosebel mine operated by IAMGOLD
Corporation ("IAMGOLD"). EURO has approximately 62.5 million shares
outstanding. Since the 17th of December 2008, EURO is a majority
owned subsidiary of IAMGOLD. IAMGOLD owns today directly and
indirectly approximately 86% of EURO.
Statements Regarding Forward-Looking Information: Some
statements in this news release are forward-looking statements.
Investors are cautioned that forward-looking statements are
inherently uncertain and involve risks and uncertainties. There can
be no assurance that future developments affecting the Company will
be those anticipated by management.
Not for distribution to United States newswire services or for
dissemination in the United States. The securities referred to
herein have not been registered under the US Securities Act of 1933
and may not be offered or sold in the United States or to a US
person absent registration or an applicable exemption from
registration.
Additional information relating to EURO Ressources S.A. is
available on SEDAR at www.sedar.com. Further requests for
information should be addressed to:
Larry E. Phillips
Directeur-Général
Tel:+1 4163604710
Email : phillips@euroressources.net
Susanne A. Hermans
Vice-President Finance
Tél.: +1 303 204 7771
Email : shermans@euroressources.net
This information is provided by HUGIN
First Trust AlphaDEX ETF (TSX:EUR)
Historical Stock Chart
From Jul 2024 to Aug 2024
First Trust AlphaDEX ETF (TSX:EUR)
Historical Stock Chart
From Aug 2023 to Aug 2024