Terra Nostra Resources Corporation (TNRO), a majority owner of two joint venture companies in the copper and stainless steel industries in China, announced record fiscal results for the financial quarter that has ended August 31, 2007. The revenue reported totaled $172.7 million, up 290% from the same period one year ago. Operating profits were $13.3 million, up 605% from the same period a year ago.
At the same time, comprehensive net income totaled $7.2 million, representing a huge increase from the $1.1 million loss during the last fiscal period. Furthermore, revenues for the fiscal quarter that ended August 31, 2007 were $172.7 million, as compared to $59.5 million for the same period a year ago. Gross profit was also $17.2 million, as compared to a gross profit of $4.5 million for the same period a year ago.
Mr. Sun Liu James Po, Terra Nostra’s CEO, stated “We continue to experience strong domestic market demand for copper and stainless steel production from both new and existing customers. This has resulted in equally strong top and bottom line growth for the Company. China’s overall market for both copper and stainless steel remains very dynamic and positive. As such, we expect this growth trend to continue as our modern facilities ramp up production to meet current and future market demands”.
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