Energold Drilling Corp. (EGD: TSX.V) announced its results for the year ended December 31, 2011 and posted record high revenues and profit.
Energold revenues for the period in report amounted to $133.5 million on a record annual high of 585,900 meters of mineral drilling, up 145% from revenues of $54.6 million, 69% on 346,300 meters of drilling in 2010.
The company’s net earnings in 2011 were a record $26.4 million compared to the 2010 net earnings figures of $1.6 million as a result of a very successful year of operations and the net impact of accounting for the Bertram transaction.
Energold had $26.4 million of net income in 2011, or 64 cents per diluted share. That was up from $1.6 million or five cents per share of net income and $54.6 million of revenue in 2010.
The July 25th 2011, acquisition of Bertram had a significant impact upon the consolidated statements of financial position and comprehensive income for the year ended December 31st 2011. Bertram International Corporation is a diversified specialty drilling company servicing the energy sector. The company has now grown from six drilling rigs in 2006 to over 230 rigs drilling worldwide in 22 countries including the North America, South America, Africa, Asia, Central America as well as the Caribbean and the Middle East.
Energold’s strategy for 2011 and 2012 is to capitalize on opportunities globally as demand increases for exploration for both energy and minerals.
Olga Patseva, Editor in Chief of the American Bureau, Rough&Polished
