Fortress Minerals has reported earnings of US$2.5 million ($3.3 million) for the 1QFY2024 ended May 31, 40.2% lower y-o-y.

Earnings per share (EPS) for the period fell to 0.48 US cents, 42.9% lower y-o-y.

Revenue for the three-month period fell by 9.2% y-o-y to US$13.3 million as the average realised selling price fell by 12.4% y-o-y to US$104.92/DMT or dry metric tonnes and higher average unit cost of US$35.83/WMT or wet metric tonnes. This was offset by the 4.0% y-o-y increase in sales volume of 126,324 DMT.

Gross profit fell by 19.7% y-o-y to US$8.3 million with a lower gross profit margin of 62.5%, down 8.1 percentage points y-o-y.

Interest income surged by 502.2% y-o-y to US$33,420.

As at May 31, cash and cash equivalents stood at US$2.8 million.

<span class='see_also_inread'><b>See also: <a class='gtm_see_also_1_inread' style='text-decoration: underline;' href='/news/results/lhn-group-reports-strong-occupancy-rates-key-projects-3qfy2023-sees-steady-growth-rest?utm_source=website&utm_medium=article&utm_campaign=ONPAGESEO'>LHN Group reports strong occupancy rates for key projects in 3QFY2023; sees steady growth for rest of 2HFY2023</a></b></span>

“Supported by a positive long-term industry outlook and resilient demand for our high-grade iron ore products, we remain well-positioned to capitalise on prospective new growth opportunities moving forward,” says Dato’ Sri Ivan Chee, Fortress Minerals’ executive director and CEO.

“Following the commencement of exploration activities in East Malaysia to prospect for nickel, copper and cobalt minerals in May 2023, we are pleased to have secured the approval of our shareholders for the proposed diversification of our existing business. This will enable us to expand our revenue streams and broaden our growth prospects for the long term,” he adds. ‘By leveraging our extensive industry expertise and strong relationships, we remain cautiously optimistic in executing our next phase of growth as we strive to provide stable, diversified returns and enhanced value for our shareholders.”

Shares in Fortress Minerals closed 2 cents higher or 6.06% up at 35 cents on July 12.

Fortress Minerals reports 1QFY2024 earnings of US$2.5 mil, 40.2% lower y-o-y

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Fortress Minerals reports 1QFY2024 earnings of US$2.5 mil, 40.2% lower y-o-y

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