Andes Gold Corporation Reports Earnings Results for the First Quarter Ended March 31, 2012; Provides Earnings Guidance for the Full Year of 2012
Andes Gold Corporation reported earnings results for the first quarter ended March 31, 2012. For the quarter, the company reported total revenues of $1,269,965 compared to revenues of $705,915 for the first quarter last year. This is an increase of $564,050 or 80% over the prior year. Net profits were $202,176 compared to $105,250 last year, an increase of $96,926 or 92%. This increase in profits was obtained despite increases in wages and salaries from $82,276 to $148,756 and an increase in materials and mining supplies from $80,317 to $193,976.
For the year ending December 31, 2012, based on the results obtained in the first quarter, the company is projecting revenues in excess of $5,000,000 and net profits in excess of $800,000. These projections are a significant increase over the previous year. As the company increase production and milling operations, the company anticipate that the revenues will continue growing at an accelerated rate.