TORONTO, ON – April 30, 2018 – Pasinex Resources Limited (CSE: PSE) (FSE: PNX) (The “Company” or “Pasinex”) today reported net income for 2017 of $5.8 million; a 700 percent increase from 2016 net income of $0.8 million.
Net income for the fourth quarter (Q4) of 2017 was $2.7 million compared to $0.6 million in Q4 2016. The significant improvement in the consolidated results is due to the strong operational and financial performance at Horzum AS (the 50% owned joint venture that holds the Pinargozu mine), which is reflected in Pasinex net income as Equity gain from Horzum AS.
Steve Williams, CEO of Pasinex commented, “We are very pleased with our 2017 financial results. Pinargozu reached its production expectations for the year resulting in a record year. This comes at a time of very strong zinc prices and we see this reflected in the robust 2017 financial results. We also received a $1.2 million dividend payment from Horzum AS in 2017 and we are expecting approximately $6.5 million in dividends paid to us during 2018.”
Pasinex Highlights
• Pasinex’s consolidated net income for 2017 was $5.8 million, which included an $8.2 million equity gain from Horzum AS.
• The equity gain increased period over period due to higher production/sales at the mine at higher sales prices (see Horzum AS Highlights below).
• Pasinex received dividend proceeds of $1.2 million from Horzum AS.
• Total assets and shareholders’ equity continue to rise in line with the increasing equity gain from Horzum AS. At the end of 2017 Pasinex total assets were $11.6 million and the shareholders’ equity balance was $11.4 million, both balances increasing $2.7 million from
the end of Q3 2017 and $7.6 million from December 31, 2016.
For the rest of this news release: https://pasinex.com/news/2018/30-04-2018-Pasinex-Fourth-Quarter-Results.pdf