Discussion of quarterly financial statements
NEW YORK, NY / ACCESSWIRE / January 26, 2023 / New America Energy Corp. (OTC PINK:NECA) and its operating subsidiary Third Bench Holdings, LLC (“Third Bench” or the “Company”) is pleased to announce that the Company has released its quarterly financial statements for the period ended November 30, 2022 OTC markets.
The company has been repositioned to focus on its core furniture manufacturing services and products, which has significantly increased profitability. The Company’s gross profit margin increased from 38.7% for the quarter ended November 2021 to 47.4% for the quarter ended November 2022, representing a 22% increase in gross profit.
As a result of the operational improvements, the net operating profit also showed significant improvements. Net operating income increased from $(300,175) for the quarter ended November 2021 to $510,709 in November 2022 representing an increase in net operating income margin from -5.8% for the quarter ended November 2021 to 11.0% for the quarter ended represents in November 2022.
“We made significant operational changes in the first half of 2022, which are now reflected in our latest financial figures. We made similar changes this year as well, with annual cost reductions of $1.3 million in January 2023. I expect continued profitability growth and excellent financial performance this year!” said David Fair, CEO the company.
About Third Bench Holdings, GMBH
Third Bench, a subsidiary of New America Energy Corp., operates five subsidiary companies that are architectural repair shops and distributors in the furniture, kitchen and bathroom sectors. Third Bench, through its subsidiaries, offers products in these categories: Residential and Commercial Cabinets throughout the Western United States to customers. Third Bench also offers installation services as part of its vertical offering.
Third Bench Holdings, LLC
175 South Main Street #1410
Salt Lake City, UT 84111