30th Sep 2013 08:23
LONDON (Alliance News) - Dekeloil PLC Monday said it swung to a pretax loss in its first half as it developed towards palm oil production in West Africa in 2014.
Dekeloil, which listed on AIM in March, said it made a pretax loss of EUR1.1 million for the six months ended June 30 compared to a pretax profit of EUR1.1 million.
The company said its sales were up 11% to EUR201,000 from EUR178,000 as its revenue generating minor operations secured new long-term agreements to provide fresh fruit.
Dekeloil posted increased administrative expenses of EUR1.1 million from EUR782,000 the previous year and benefited in 2012 from a EUR2.3 million net gain from changes in fair value of its biological assets, which skewed the results.
The company said it is fully funded to commence first revenues in January 2014 from its extraction mill in the Ivory Coast. The company has a total production target of 35,000-40,000 tonnes of crude palm oil.
Dekeloil shares were down 2.86% to 0.850 pence in early trading Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
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