Malaga Inc. (TSX:MLG,OTCQX:MLGAF) reported financial results for the first quarter ended March 31, 2012. Highlights include a net income of $0.1M, sales of $3.6M, and cash flow from operating activities of $1.1M in Q1 2012.
As quoted in the press release:
First Quarter Highlights:
- Net income of $0.1M compared to $0.8M in Q1 2011;
- Cash flow from operating activities of $1.1M compared to $0.7M in Q1 2011;
- EBITDA of $0.6M compared to $1.3M in Q1 2011;
- Sales of $3.6M compared to $5.2M in Q1 2011;
- A 19% increase in the average APT average reference selling price, from $360 in Q1 2011 to $430 in Q1 2012;
- Advance on sales of $0.8M was repaid.
Malaga President and CEO Pierre Monet said:
“The commencement of the underground drilling campaign, acceleration of the development program, particularly in the Huayllapon sector, and the addition of a new contractor on site should help to increase tungsten production for the remainder of the year.”