11:47 AM EDT, 07/31/2024 (MT Newswires) -- Champion Iron ( CIAFF ) was last seen up 7.3% after the company overnight Tuesday said its fiscal first-quarter profit rose nearly fivefold on record sales.

The company said it earned $81.36 million, or $0.16 per share, in the quarter ended June 30, jumping from $16.66 million, or $0.03, in the year-prior quarter.

Revenue climbed 57% to $467.08 million from $297.16 million, while EBITDA shot up 175% to $181.2 million.

Iron ore concentrate production increased 14% to 3.9-million wet metric tons (wmt) as sales rose 34% to a record 3.4 million wmt.

"I am happy to report robust quarterly production, record sales and strong financial results for the period," cheif executive David Cataford said.

Champion Iron ( CIAFF ) said it continues to advance the DRPF project, which would upgrade half of the capacity of the Bloom Lake operation in Quebec to direct-reduced quality pellet feed iron ore grading up to 69% iron. Commissioning is scheduled for the second half of calendar year 2025.

Champion Iron ( CIAFF ) shares were last seen up $0.40 to $5.90 on the Toronto Stock Exchange.

Price: 5.90, Change: +0.40, Percent Change: +7.27