Eastern Platinum Limited (ELR.TO) this morning reported financial results for the fourth quarter and year ended December 31, 2012.
Summary of results for the quarter ended December 31, 2012:
Eastplats recorded a loss attributable to equity shareholders of the Company of $1,342,000 ($0.00 loss per share) in the quarter ended December 31, 2012 (Q4 2012) compared to a loss of $64,325,000 ($0.07 loss per share) in the quarter ended December 31, 2011 (Q4 2011).
Adjusted EBITDA was negative $2,672,000 Q4 2012 compared to negative $6,455,000 in Q4 2011.
PGM ounces sold decreased 29% to 14,066 ounces in Q4 2012 compared to 19,854 PGM ounces in Q4 2011.
Summary of results for the year ended December 31, 2012
Eastplats recorded a loss attributable to equity shareholders of the Company of $100,953,000 ($0.11 loss per share) in the year ended December 31, 2012 compared to a loss of $76,545,000 ($0.08 loss per share) in the year ended December 31, 2011.
The Company recorded an impairment charge of $88,278,000 on its Eastern Limb properties in Q2 2012 (Q4 2011 - $46,327,000 on its CRM property).
Adjusted EBITDA decreased to negative $12,558,000 in 2012 compared to negative $1,411,000 in 2011. The impairment charge was not included in the calculation of adjusted EBITDA.
PGM ounces sold decreased 7% to 86,225 ounces in 2012 compared to 92,724 PGM ounces in 2011.
Shares are down half a cent to (2.86%) to 17 cents mid-morning.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
