15th Apr 2014 09:25
LONDON (Alliance News) - Equatorial Palm Oil PLC Tuesday reported a wider loss for 2013 as it wrote down the value of a loan it had made to its joint venture, but its cash position at the end of the year was greatly improved after it did several equity fund raising tranches during the year.
The company reported a net loss of USD7.7 million for 2013, wider than the USD3.7 million loss it made in 2012, as it wrote down a USD3.8 million loan it had made to its Liberian Palm Developments joint venture.
The company's administrative expenses also rose to USD3.3 million, from USD2.3 million, and revenue declined to USD36,000, from USD420,000.
Still, it ended the year with USD10.4 million in cash, up from USD551,000 at the end of 2012.
"The key to the real growth of our business is to consistently plant 4,000 hectares and above year on year. I have the utmost confidence in the senior management team of LPD to drive forward this key objective and to deliver value and growth to shareholders," the company said in its outlook statement.
"The palm oil market fundamentals continue to look positive, with significant shortfalls in production at a time when demand is expected to continue increasing," it added.
Equatorial Palm Oil shares last traded at 10.75 pence.
By Steve McGrath; [email protected]; @SteveMcGrath1
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