Titanium Resources Group: Interim Results

 

Titanium Resources Group

 

Interim Results

 

9 September 2010: Titanium Resources Group Ltd. (“TRG” or “the Company) announces its unaudited interim results for the six months ended June 30, 2010 (“the Period”)

 

Highlights

 

·         Profit after tax of US$3.88 million (H1 2009: loss after tax of US$4.95 million)

·         Sales of US$18.63 million (H1 2009: US$19.79 million)

·         EBITDA of US$0.4 million* (H1 2009: US$0.4 million)

·         Administrative and marketing expenses decreased by 35% to US$2.1 million (H1 2009: US$3.2 million)

·         Cash generated from operations increased 100% to US$4.8 million (H1 2009 US$2.4 million)

·         Final insurance settlement of US$5.3 million (net of associated costs) received in relation to the capsize of Dredge D2

·         Rutile production of 30,650 tonnes (H1 2009: 31,418 tonnes)

·         Dispute with Government of Sierra Leone over interest repayments on loan  ongoing, capital funding from TRG to Sierra Rutile remains suspended

·         Full year rutile production target of 64,000 – 70,000 tonnes.

·         Strategic review to examine all areas of the business

·         Cash and cash equivalents of US$27.3 million at June, 30  2010 (H1 2009: US$4.5 million)

* Before exceptional items

 

Titanium Resources Group

Wayne Malouf, Executive Chairman

John Sisay, Chief Executive

Tel: +44 (0) 207 321 0000

 

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TRG Interims Final.pdf (400 KB)

Posted via email from Jean-Raymond Boulle