Fortress Minerals reports 37% rise in 1Q earnings to US$1.1m as it records inaugural sales

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SINGAPORE (July 10): Fortress Minerals, the producer and exporter of high-grade iron ore concentrate from Malaysia, reported 1Q20 earnings increased 37% to US$1.1 million (S$1.5 million) from 1Q19 a year ago.

Earnings per share and net asset value per share for 1Q20 was 0.23 US cents and 5.05 US cents respectively.

Excluding US$0.9 million IPO expenses and unrealised foreign exchange loss of US$0.2 million, 1Q20 net profit came in at US$2.3 million.

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