Banro Corporation (USA) (NYSEMKT:BAA) has recently released its third quarter earnings report, providing its latest financial updates.
“With the third quarter results, we are beginning to see the positive impact of Namoya’s steady state performance levels on lower consolidated cash costs and the Company’s improving financial results,” noted John Clarke, Banro CEO and President.
Q3 Financial Results
The company had a revenue of $67.47 million, up by 75% year-over-year from $38.50 million.
Its operating expenses had increased 143% year-over-year to $58.09 million from $23.08 million. Consequently, its operating income had declined 26% year-over-year to $11.38 million from $15.42 million.
Banro had a net loss of $4.66 million, down by 62% year-over-year from $12.21 million. This means that the company had a basic earnings per share (EPS) of $(0.02), which is comparable to the $(0.05) posted during the same period in 2015.
Year-to-Date (YTD) Financial Results
YTD, the company’s revenue is up by 42% year-over-year at $173.65 million from $122.10 million.
The operating expenses of Banro have amounted to $152.54 million, up by 105% year-over-year from $75.43 million. As a result, its operating income has declined 55% year-over-year to $21.12 million from $46.67 million.
On the other hand, net loss has amounted to $41.28 million, down by 24% year-over-year from $54.10 million. This indicates a basic EPS of $(0.14), which is comparable to the $(0.21) posted during the same period last year.
In the third quarter, the company’s total gold sales had come in at 53,284 oz., up by 55% year-over-year from 34,467 oz. Meanwhile, its total gold production had come in at 53,377 oz., up by 53% year-over-year from 34,824 oz.
YTD, the total gold sales are up by 39% year-over-year at 144,932 oz. from 104,088 oz.; while the total gold production is up by 40% year-over-year to 147,242 oz. from 105,092 oz.
For the period, the average price per 1 oz. of gold is $1,266, up by 13% year-over-year from $1,117. YTD, it is up by 2% year-over-year at $1,198 from $1,173.
On Thursday, Banro has closed at $0.16.