Tuesday before the bell, Monroe Minerals Inc. (MMX.V) reported a net profit in its second-quarter, compared to a loss in previous year quarter due to a gain from the sale of a subsidiary company.
Monroe posted second-quarter net income of $0.737 million, compared with a net loss of $0.310 million in the same quarter last year. The company attributed the latest quarter's profit to gain of $1.16 million from the disposal of a subsidiary company Monroe Mining ltd.
General and administration expenses decreased 15% to $0.282 million from $0.330 million in the prior year quarter. Further, salaries and benefits declined 44% to $0.61 million. General office and miscellaneous expenses decreased 58% to $0.26 million in the recent-quarter.
While financial administration expenses increased 55% to $0.16 million and investor relations expenses advanced 48% to $0.8 million. Stock compensation expenses grew 46% to $0.16 million and travel and marketing expenses rose 23% to $0.6 million.
MMX.V lastly traded on August 11 on Toronto Exchange at C$0.04.
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