LAS VEGAS, May 19, 2020 (GLOBE NEWSWIRE) -- Asia Broadband Inc. ($AABB), through its wholly owned subsidiary Asia Metals Inc., announced today that the financial results for the 1st quarter ending March 31, 2020, will be published this week confirming the Company’s highest quarterly gross profit. Furthermore, after the Company has endured recent logistics and technical challenges related to the pandemic circumstances, AABB is expected to be restored back to the Current Pink tier on OTC Markets in the coming week.
The Company’s gold production more than doubled in the 1st quarter of 2020, in comparison to the 4th quarter of 2019, due to the higher daily throughput levels and metals extraction efficiencies achieved with the new production facilities that began the operational phase-in process early this year. Additionally, the economies of scale from higher productions levels and lower energy prices both reduced production costs and added to the bottom-line gross profit for the quarter. Based on the finalized results for the 1st quarter of 2020, AABB has begun formulating its annual gross profit budget and is projecting it to exceed $12 million in 2020.
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