18th Aug 2014 11:14
LONDON (Alliance News) - Equatorial Palm Oil PLC Monday said it cut its interim loss by more than half, as it reported on a period of rebuilding, signing a joint venture agreement with KLK Agro and securing the USD35.5 million of cash and funding commitments that helped it resume normal operations at the Liberian estates.
The company reported a narrowing of its loss to USD745,000 in the six months ended June 30, compared with USD1.7 million in the corresponding period last year.
"The first half of 2014 has been very much part of rebuilding the company as we welcome KLK as our largest shareholder and joint venture partner in LPD. Our Liberian oil palm development is once again fully operational and the securing of up to USD35.5 million in funding was a significant milestone for the business," Non-Executive Chairman Michael Frayne said in a statement.
"Our goal of becoming a sustainable and efficient producer of oil palm products is on track and we are encouraged by the continual support of the communities in which we operate who want to re-invigorate the Liberian agricultural industry through the development of oil palm," Frayne added.
Equatorial Palm Oil shares were Monday untraded at 7.125 pence.
By Samuel Agini; [email protected]; @samuelagini
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