- Atlas Pearls (ATP) announces it is expecting revenue for the first half of the financial year to be between $12 and $13 million
- Historically, the company has reported half-yearly earnings in between $6 million and $8 million
- The company reportedly harvested 351,000 pearls in the first half of the financial year
- Harvest numbers for the second half of the financial year are expected to be approximately 15 per cent lower than the first half
- Shares finished the day of trading in the green by 37.9 per cent, trading at 4 cents
Atlas Pearls (ATP) has announced it is expecting revenue for the first half of the financial year to be between $12 and $13 million.
Historically, the company has reported half-yearly earnings in between $6 million and $8 million.
ATP said the increase in expected revenue is due to a variety of factors including the introduction of a digital platform to facilitate sales worldwide, a strengthening international pearl market, and strong harvest results in terms of quantity.
The company reportedly harvested 351,000 pearls in the first half of the financial year. Harvest numbers for the second half of the financial year are expected to be approximately 15 per cent lower than the first half.
Atlas Pearls said sales revenue for the second half of the financial year will be dependent on a number of factors including quality of harvests, a continuation of strong demand for pearls, and the rate at which the company chooses to bring graded pearls to market.
During 2020, the company reduced the remuneration of its employees in order to navigate the decrease in sales experienced in the pandemic. The company advised it has now paid the salaries foregone during the period last month.
Shares finished the day of trading in the green by 37.9 per cent, trading at 4 cents.