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.”

Click here to read the Malaga Inc. (TSX:MLG,OTCQX:MLGAF) press release