Imperial Metals reduces net loss eight-fold in 2020
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(Kitco News) - Imperial Metals (TSX:III) reported today that its revenue from continuing operations increased to $148.1 million in 2020 compared to $71.8 million in 2019, an increase of $76.3 million or 106%.
The company’s net loss from continuing operations in 2020 was $4.9 million ($0.04 per share) compared to net loss of $41.2 million ($0.32 per share) in 2019.
The majority decrease in net loss of $36.3 million was primarily due to the following factors: loss from mine operations decreased from a loss of $7.7 million in 2019 to an income of $20.6 million in 2020, a decrease in net loss of $28.3 million; interest expense decreased from $46.3 million in 2019 to $1.4 million in 2020, a decrease in net loss of $44.9 million; foreign exchange gains/losses went from a gain of $10.1 million in 2019 to a loss of $0.6 million in 2020, an increase in net loss of $10.7 million.
Cash flow from continuing operations was $37.3 million in 2020 compared to negative cash flow $3.6 million in 2019. Adjusted EBITDA from continuing operations in 2020 was $36.0 million compared to a negative $4.3 million in 2019.
Imperial is a Vancouver exploration, mine development and operating company with holdings that include the Mount Polley mine (100%), the Huckleberry mine (100%), and the Red Chris mine (30%).