(Boursier.com) — EURO Ressources SA today published its unaudited interim financial results, prepared in accordance with International Financial Reporting Standards for the 9-month period ended September 30, 2023.
According to IFRS, EURO recorded a net profit of respectively 6.2 million euros (0.100 euros per share) and 18.7 million euros (0.299 euros per share) for the quarter and 9 months ended September 30 2023, compared to respectively 2.9 million euros (0.046 euros per share) and 9.3 million euros (0.149 euros per share) for the quarter and 9 months ended September 30, 2022.
EURO recorded revenue of 24.6 million euros for the first 9 months of 2023 (8.7 million euros for the third quarter of 2023), compared to 15 million euros for the first 9 months of 2022 (4.7 million euros for the third quarter of 2022).
As of September 30, 2023, the amount of cash amounted to 24.5 million euros, compared to 21.4 million euros as of December 31, 2022. This increase, which mainly results from cash generated by operational activities, was partially neutralized by the distribution of dividends and the payment of income tax.
Negotiable securities
EURO holds tradable securities in mining companies operating in a volatile market. Price risk is linked to fluctuations in the prices of marketable securities. These investments in marketable securities are recorded at fair value.
As of September 30, 2023, marketable securities included 19,095,345 shares of Orea Mining Corp. (8.4% of shares outstanding; 8.8% as of December 31, 2022) and 3,819,069 shares of Allegiant Gold Ltd. (3.7% of shares outstanding; 3.7% as of December 31, 2022).
During the 9-month period ended September 30, 2023, the company recognized an impairment loss under IFRS for unrealized loss in the fair value of marketable securities. Under IFRS, this loss of 0.9 million euros was recorded in other comprehensive income (loss of 0.7 million euros for the nine months ended September 30, 2022).