{"id":8239,"date":"2020-08-14T09:00:00","date_gmt":"2020-08-14T13:00:00","guid":{"rendered":"https:\/\/www.dynacor.com\/dynacor-reports-a-net-loss-of-us-0-7-m-in-q2-2020-due-to-the-covid-19-crisis-but-has-a-strong-financial-situation-after-six-months\/"},"modified":"2020-08-14T11:27:11","modified_gmt":"2020-08-14T15:27:11","slug":"dynacor-reports-a-net-loss-of-us-0-7-m-in-q2-2020-due-to-the-covid-19-crisis-but-has-a-strong-financial-situation-after-six-months","status":"publish","type":"post","link":"https:\/\/dynacor.com\/en\/dynacor-reports-a-net-loss-of-us-0-7-m-in-q2-2020-due-to-the-covid-19-crisis-but-has-a-strong-financial-situation-after-six-months\/","title":{"rendered":"Dynacor Reports a Net Loss of US$ -0.7 M in Q2-2020 Due to the COVID-19 Crisis but Has a Strong Financial Situation After Six Months"},"content":{"rendered":"

MONTREAL, Aug. 14, 2020 (GLOBE NEWSWIRE) — Dynacor Gold Mines Inc. (TSX: DNG \/ OTC: DNGDF) (Dynacor or the Corporation)<\/strong> has released its unaudited consolidated financial statements and the management’s discussion and analysis (MD&A) for the second quarter ended June 30, 2020.<\/p>\n

These documents have been filed electronically with SEDAR at www.sedar.com<\/a> and will be available on the Corporation’s website www.dynacor.com<\/a>.<\/p>\n

(All figures in this press release are in Ms of US$ unless stated otherwise. Earnings per share and cash-flow per share are in US$. All variance % are calculated from rounded figures. Some additions might be incorrect due to rounding).<\/em><\/p>\n

Impacted by the COVID-19 crisis, Dynacor, following thirty six (36) consecutive quarters of profits, recorded a net loss of (-$0.7 M) (-$0.02 per share) compared to a net profit of $0.7 M ($0.02 per share) for the three-month period ended June 30, 2019 (\u201cQ2-2019\u201d).<\/p>\n

During the quarter, the Corporation concentrated its effort to monetize its inventory and receivables, reducing its risks and solidifying its overall financial situation. The Corporation increased its cash position by $4.5 M, from $16.1 M at March 31, 2020 to $20.6 M at June 30, 2020 and resumed its operations before the end of the period.<\/p>\n

Due to the very good financial results of Q1-2020, the net income for the six-month period ending June 30, 2020 is $1.7 M compared to $1.9 M for the same period of 2019.<\/p>\n

Q2-2020 OVERVIEW AND HIGHLIGHTS <\/strong><\/p>\n

In Q2-2020, due to the ongoing COVID-19 worldwide crisis and the state of emergency declared in Peru, the Corporation had to stop its ore purchase activities and temporarily shut-down its processing operations during almost three months. This exceptional context obviously impacted the Corporation quarterly financial and operational results. Considering its solid financial situation and the gradual resumption of its activities, the Corporation pursued its dividend policy and declared in June, a 0.015$ CA per share dividend which was paid in July.<\/p>\n

Operational<\/strong><\/em><\/p>\n