There are a number of companies that are going to be in focus among investors following key announcements yesterday, and one of those could be Asia Broadband Inc. (OTC:AABB). On April 16, the company entered the news cycle after it announced that in the coming weeks it would announce its financial results for the first fiscal quarter that ended on March 31, 2024. More importantly, the company announced that the financial results would also provide confirmation with regards to its higher gross profit and production.
The company provided some updates with regards to the things that investors could expect in the first fiscal quarter results. In comparison to the fourth fiscal quarter of 2023, production went up twofold in the first fiscal quarter of 2024. The considerable boost in production had been brought about by recoveries of higher-grade materials and higher throughput levels on a daily basis.
Asia Broadband also stated that higher production had also provided it with economies of scale, which led to lower costs of production and led to the growth of the bottom line gross profit. The company also stated that the mining team at Asia Broadband had been able to achieve efficiencies through sound strategies and lay the foundation for higher levels of production after the completion of its processing unit.
The new processing facility is currently being constructed in Etzatlan, Mexico, and it would be primarily responsible for processing around $1 billion worth of ore value from the exclusive rights surface stockpile of Asia Broadband. The Chief Executive Officer and President of the company, Chris Torres, spoke about the new developments as well. He stated that the operations team of Asia Broadband had helped in really gearing up the production levels in the first fiscal quarter, and the management was going to extend the team’s expertise to the stockpile processing operation.
