GM Lotto's, AABB - Asia Metals Upgrades Annual Gross Profit Target To $14M With Historic High Third Quarter Production
Today 8:30 AM ET (GlobeNewswire)Print
Asia Broadband Inc. (OTC : AABB), through its wholly owned subsidiary Asia Metals Inc., announced today that the Company is in the process of scheduling, finalizing and booking the production and financial results for the upcoming third quarter ending September 30, 2020, with the expectation of recording a historic high quarter. Utilizing the new production facilities that began operating early this year, Q3 will be the first full quarter of production to capitalize on the new higher daily throughput levels and metals extraction efficiencies. AABB is anticipating a three-fold increase in gold production levels in 2020 from the Company's added operational capacity.
Furthermore, recent economic conditions have created strong and unprecedented fundamentals for gold producer equities. The economic volatility, uncertainty and inflationary effects of the Coronavirus pandemic have launched gold and gold producers into a significant growth phase. Additionally, the recent decline of the oil market has elevated the gold-to-oil ratio to all time highs indicating lower production costs and increased profit margins for gold producers. Based on the preliminary results being finalized for the 3 quarter of 2020, AABB is updating its annual gross profit budget and is projecting it to exceed $14 million in 2020.
