12:08 PM EDT, 05/06/2024 (MT Newswires) -- Eastern Platinum ( ELRFF ) over the weekend said its fourth-quarter profit more than doubled on higher third-party chrome concentrate sales.

The company reported fourth-quarter earnings of US$3.3 million, or US$0.02 per share, up from US$1.4 million, or US$0.01 per share.

Revenue climbed to US$30.5 million, a 146% jump.

Eastern Platinum ( ELRFF ) produced 109,056 tons of chrome concentrate, down from 156,738 tons, and 1,366 ounces of platinum group metals, down from 2,232 ounces.

For the full year 2023, net income increased to US$13.8 million, or US$0.08 per share, from a net loss of US$0.9 million, or US$0.01 per share. Revenue almost doubled to a record US$106.9 million.

The company produced 486,166 tons of chrome concentrate, a decrease from 602,111 tons, and 6,660 ounces of PGM, falling from 8,742 ounces.

Eastern Platinum ( ELRFF ) said it identified an error in the recognition of revenue related to a chrome concentrate sales transaction in the fourth quarter of 2022, affecting previously filed financial statements for 2022 and interim financial statements for the three months ended March 31, 2023.

Eastern Platinum ( ELRFF ) shares were last seen up C$0.005 to C$0.165 on the Toronto Stock Exchange.

Price: 0.17, Change: +0.01, Percent Change: +3.13