FORTRESS Minerals posted a 97.9 per cent surge in net profit to US$2.2 million for its first quarter ended May 31, from nearly US$1.1 million a year ago, boosted by an increase in sales.
Earnings per share stood at 0.43 US cent for the quarter, up from 0.23 cent a year ago, the Malaysia-based iron ore producer said in results released on Wednesday evening. Revenue for Q1 rose 21.4 per cent to US$7.1 million, from US$5.8 million a year ago, driven by a 34.4 per cent increase in sales volume to 74,661 dry metric tonnes of high-grade iron ore concentrate. This was on the back of"strong demand" from Malaysian steel mill customers, the Catalist-listed company said.
However, it was offset by a lower realised selling price of US$94.47/DMT during the quarter, down 8.1 per cent from the year-ago period. No dividend was declared for the quarter, versus a dividend of 0.16 Singapore cents a year ago. Fortress Minerals on Wednesday said this was to strengthen its working capital position.
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