Drake Gold Resources Inc. (DKGR:OTC) is pleased to announce that it has filed its quarterly report with OTC Markets Group Inc. for the period ended September 30th which includes its financial statements. The overall, financial position of the company has improved pursuant to the dramatic increase in revenues, profits and liquidity relative to previous quarters.
Revenues of $741,469 were strong this quarter caused by a robust, wholesale appetite for Universal Apparel's textiles. The demand for Universal Apparel’s product continues to remain strong for the upcoming quarter as we are in negotiations with many, new wholesalers. However, the net profit for the quarter was relatively low because of both the sudden increase in material prices as well as higher labor costs in our overseas factories. We see this as an anomaly and do not expect this to continue in coming quarters.
Mr. Kabir, newly appointed CEO of Drake Gold Resources Inc. (DKGR:OTC), is pleased with the financial statements and states, “ This is Universal Apparel’s 2nd quarter as a wholly-owned subsidiary of Drake Gold in which we continued with both revenue growth and profitability. Our customers remain pleased with both our quality products and delivery times and, as a result, have indicated that they will place additional orders with Universal Apparel.”
Updates will be forthcoming.
This release includes forward-looking statements, which are based on certain assumptions and reflects management’s current expectations. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Some of these factors include: general global economic conditions; general industry and market conditions, sector changes and growth rates; uncertainty as to whether our strategies and business plans will yield the expected benefits; increasing competition; availability and cost of capital; the ability to identify and develop and achieve commercial success; the level of expenditures necessary to maintain and improve the quality of services; changes in the economy; changes in laws and regulations, including codes and standards, intellectual property rights, and tax matters; or other matters not anticipated; our ability to secure and maintain strategic relationships and distribution agreements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise