30th Sep 2013 14:19
LONDON (Alliance News) - Equatorial Palm Oil PLC Monday said its pretax loss widened in its first-half as lower sales and extra charges hit company finances.
The palm oil development company, with operations in Liberia, said its pretax loss has widened to USD1.7 million from USD1.6 million for the six months ended June 30.
The company said despite its administrative expenses falling to USD898,000 from USD1.3 million, its sales fell to USD35,000 from USD210,000 during the period.
Equatorial Palm Oil was also hit by a USD805,000 charge on the operating loss of a joint venture with Liberian Palm Developments Limited.
The company said it is in the process of securing funding to reactivate planting and ramp up the planting rate year on year.
Equatorial Palm Oil shares were down 3.84% to 3.01 pence Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
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