Intercontinental Gold and Metals Ltd V.GXM

RE:RE:Volume

[Michael1972]

Gorden Glenn, CEO commented, "2019 operating results were strong and trending higher until November 2019 when we were forced to temporarily cease business operations to ensure the safety of our clients and employees. The impact was a loss of significant revenue and associated trading profits in the fourth quarter which in turn dragged full year results down. Heading into fiscal 2020 we were forecasting another year of strong growth. However, like many businesses, our outlook for 2020 has been negatively impacted by another temporary business closure associated with COVID-19 global pandemic. Our SGM clients were also required to suspend operations but are now slowly restarting gold production. Global physical gold demand remains very strong and business operations are expected to re-start by the end on June 2020. Despite these challenges our outlook for 2020 remains positive and we will work hard to service our small miner clients and international off-takers."

https://www.newsfilecorp.com/release/57600/Intercontinental-Gold-and-Metals-Ltd.-Reports-Gold-Trading-Revenue-of-321.8M-and-Net-Loss-of-0.6M-for-the-Year-Ended-December-31-2019

Newer

https://www.newsfilecorp.com/release/59450/Intercontinental-Gold-and-Metals-Ltd.-Reports-Gold-Trading-Revenue-of-91.9M-and-Net-Loss-of-0.4M-for-the-First-Quarter-Ended-March-31-2020-and-Advances-Other-Growth-Initiatives
First quarter 2020 purchase and sales volumes were up significantly over the prior year but were negatively impacted by the temporary closer required due to a nationwide quarantine, workplace restrictions and travel bans starting on March 21, 2020. We anticipate purchase and sales volumes returning to normalized, but seasonally higher volumes starting in July as business activities resume in our primary markets. Correspondingly revenues were also higher. Margins however, suffered due to aggressive pricing by market competitors. We have been working with regulators and mining federations to close loopholes in reporting that are the underlying cause of aggressive pricing by our competition and have received favourable feedback that policy changes will be enacted to close the loopholes which should positively impact our margins as we return to full operations in second half of 2020.


Information only from Twitter about the company? Sad to read something like that, everyone knows that it is not up to date, just like the homepage is not up to date.