Terra Nostra (TNRO) Reports Record Results: Quarterly Revenues of $172.7 Million and Operating Profits of $13.3 Million
Monday October 22, 8:08 am ET
LOS ANGELES, and ZIBO, China, Oct. 22 /PRNewswire-FirstCall/ -- Terra Nostra Resources Corporation (OTC Bulletin Board: TNRO - News), a majority owner of two joint venture companies in the copper and stainless steel industries in China, is pleased to announce record financial results and highlights for the first fiscal quarter ended August 31, 2007.
First Quarter Highlights (Period Ended 31 August, 2007)
-- Record revenues of $172.7 million, up 290% from the same period a year
ago;
-- Operating profits of $13.3 million, up 605% from the same period a
year ago;
-- Comprehensive net income of $7.2 million, compared to a net loss of
$1.1 million from the same period last fiscal year, fully
consolidated;
-- Continued strong market conditions for copper and stainless steel,
and;
-- Raised over $10 million in additional working capital
Revenues for the fiscal quarter ended August 31, 2007 were $172.7 million, as compared to $59.5 million for the same period a year ago. Gross profit for the period was $17.2 million, as compared to a gross profit of $4.5 million for the same period a year ago. Operating profits were $13.3 million, as compared to $2.2 million for the same period a year ago. Consolidated comprehensive net income for the fiscal quarter was $7.2 million, as compared to a comprehensive net loss of $1.1 million for the same period a year ago.
"We continue to experience strong domestic market demand for copper and stainless steel production from both new and existing customers. This has resulted in equally strong top and bottom line growth for the Company", said Mr. Sun Liu James Po, Terra Nostra's CEO. "China's overall market for both copper and stainless steel remains very dynamic and positive. As such, we expect this growth trend to continue as our modern facilities ramp up production to meet current and future market demands".
Terra Nostra has entered into an agreement to increase its majority ownership in both joint ventures from 51% to 90%. This transaction is expected to be completed no later than December 31, 2007.
