Titanium Resources Group – Interim Results for the First Half of 2010
Titanium Resources Group Ltd. announces its unaudited interim results for the six months ended June 30, 2010.
– Profit after tax of US$3.88 million (H1 2009: loss after tax of US$4.95 million)
– Sales of US$18.63 million (H1 2009: US$19.79 million)
– EBITDA of US$0.4 million* (H1 2009: US$0.4 million)
– Administrative and marketing expenses decreased by 35% to US$2.1 million (H1 2009: US$3.2 million)
– Cash generated from operations increased 100% to US$4.8 million (H1 2009 US$2.4 million)
– Final insurance settlement of US$5.3 million (net of associated costs) received in relation to the capsize of Dredge D2
– Rutile production of 30,650 tonnes (H1 2009: 31,418 tonnes)
– Dispute with Government of Sierra Leone over interest repayments on loan ongoing, capital funding from TRG to Sierra Rutile remains suspended
– Full year rutile production target of 64,000 – 70,000 tonnes
– Strategic review to examine all areas of the business
– Cash and cash equivalents of US$27.3 million at June, 30 2010 (H1 2009: US$4.5 million)
Titanium Resources Group Ltd (TRG) is a limited liability company incorporated and domiciled in the British Virgin Islands. The address of its registered office is at P.O.Box 4301, Trinity Chambers, Road Town, Tortola, British Virgin Islands.
Source: titaniumresources, September 13, 2010