Century Global Commodities Corp (TSX:CNT) exited the third quarter of 2023 with free cash of $5.2 million and net working capital of $7 million.
The diversified miner said during the quarter it continued to advance the environmental assessment process of its Joyce Lake direct shipping ore (DSO) iron ore project in Newfoundland and Labrador, Canada, and the planned spin out of the vehicle holding the project to raise additional capital.
Its 3Q revenue grew to $3,017,157 from $2,512,539 in the year-ago quarter. The company’s Hong Kong food distribution was the source of its revenue.
For the six months ended in September, it achieved $6.21 million in sales, up 24.5% year-over-year.
Its gross profit was $1.41 million and net profit was $65,417, compared to a gross profit of $1.5 million and net profit of $408,324 for the first six months of 2022.
The company noted that it is focused on growing its sales volume, negotiating price increases with its customers, and driving cost savings to deal with higher labor costs.
Century Global Commodities’ net loss for 3Q was $447,826, compared to $372,721 in 2022.
Contact the author at emily.jarvie@proactiveinvestors.com
Follow her on X, formerly known as Twitter, @emilyjjarvie