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Silver Heritage reports strongest quarter since IPO

Australia-listed Silver Heritage Group says it has recorded gross profit if US$5.1 million for the nine months year-to-date, up 20 percent over the same period in FY16.

The company reported its strongest operating quarter since its initial public offering in August 2016, with sales revenue reaching US$4.8 million in 17Q3.

Adjusted EBITDA was US$956,000, an increase of 61 percent over the average taken from the first two quarters of the year.

Cash on hand as at September 30, 2017 was US$13.3 million.

The company also noted its Tiger Palace resort in Nepal held its soft opening ahead of schedule in September, and is on budget and schedule for an end of November casino soft opening.

More news from this jurisdiction

Nepal, AustraliaThursday, Jul 06, 2017

Silver Heritage Group has received government approval to raise the equity ceiling of its FDI-approved investing company, which it says will now give it the means to complete and open its resort in Nepal.

Australia, NepalTuesday, Jul 04, 2017

Australia-listed Silver Heritage Group on Tuesday said it had completed the institutional component of its fully underwritten accelerated renounceable entitlement offer.

Australia, NepalThursday, May 25, 2017

Silver Heritage chairman David Green says the company is close to completing negotiations which would bridge the financing gap for its Nepal-located Tiger Palace resort.

Australia, NepalThursday, Mar 02, 2017

Silver Heritage Group Ltd. posted a widened net loss of US$4.6 million for the 2016 financial year, according to the company’s filing to the Australian Stock Exchange.

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Australia-listed Silver Heritage Group has advised the market that it may likely fall short of its 2016 total revenue and adjusted EBITDA forecasts that were previously noted in its IPO prospectus.

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