Vancouver, British Columbia--(Newsfile Corp. - November 30, 2023) - Mundoro Capital Inc. (TSXV: MUN) (OTCQB: MUNMF) (www.mundoro.com) ("Mundoro" or the "Company") is pleased to report profitable financial results from its operations in the first nine months ending September 30, 2023 ("Q3-2023").
Teo Dechev, CEO and President commented: "The Company is pleased to report a profitable period for the nine-months ended September 30, 2023, where Cash Flow from Operations increased to $1,315,362, which is 428% increase over the same period ended September 30, 2022. The profitable operations are a result of generating value added opportunities for our partners while also providing value added operational services to our partners. This unique business model creates value for our shareholders, partners and the communities where we operate."
Financial Highlights and Outlook
For further information of the Company's financial results, please refer to the condensed interim consolidated financial statements and MD&A for the nine-month periods ended September 30, 2023, and 2022. The Company's filings are available on SEDAR at www.sedar.com and on Mundoro's website at www.mundoro.com.
Strong Cash Position: As of September 30, 2023, the Company held $5,780,203 in cash and cash equivalents ("Cash Position") and no long-term debt.
Fees Earned: During the three and nine-months ended September 30, 2023, the Company generated $935,476 and $2,394,299, respectively, in Fees and Payments, representing an increase of 110% and 194%, respectively, compared to the same periods in Q3-2022.
Corporate Expenses: During the three and nine-months ended September 30, 2023, the Company incurred general and administrative expenses of $431,047 and $1,056,211, respectively, up 15% and 27% compared to the same periods in 2022.
Net Income: During the three and nine-months ended September 30, 2023, net income was $75,903 and $1,154,991, compared to a net loss of $16,323 and $498,117 for the same periods in 2022, which represents a 565% and 332% increase, respectively.
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https://www.newsfilecorp.com/release/189104/Mundoro-Announces-Q32023-Profitable-Financial-Results-and-Portfolio-Update |
