Similarly, gross profit in the 1QFY2025 fell by 13.9% y-o-y to US$7.13 million from US$8.28 million from the previous period.
Despite this, Fortress Minerals’ gross profit margin increased by 10.4 percentage points (ppts) to 72.9% for 1QFY2025, as higher production volume achieved in 1QFY2025 allowed the company to benefit from economies of scale.
Ivan Chee, executive director and CEO of Fortress Minerals, says: “Our unwavering commitment to operational excellence and strategic growth has resulted in the early completion of the two additional ball mills at Bukit Besi. This will allow us to continue to improve efficiency, preserve shareholder value in challenging periods and position Fortress Minerals for sustainable success in the evolving market landscape.”
He adds: “Reinforcing our growth ambitions, we have secured two new twelve-month offtake agreements. These agreements strengthen our relationships with key partners and affirm our position as the preferred producer of choice for our customers. We remain committed to expanding our revenue streams and diversifying our portfolio to ensure long term profitability and stability.”
See also: SingPost reports 60% lower operating profit in 1QFY2026 business update
Shares in Fortress Minerals closed one cent lower or 3.70% down at 26 cents on July 11.
