16th Nov 2015 13:37
LONDON (Alliance News) - AIM-listed palm oil development and production company Equatorial Palm Oil PLC on Monday reported a widened pretax loss for its recently ended financial year.
For the year to end-September, Equatorial reported a pretax loss of USD1.4 million, widened from a pretax loss of USD1.1 million a year before, mostly as a result of higher administrative expenses and a higher share of the operating loss of an associate. It did not post revenue in either period.
As all the company's operational activities are located in Liberia, it is exposed to risks associated to the outbreak of ebola in West Africa, the company said. It has taken measures to tackle this risk, and is a part of the Ebola Private Sector Mobilisation Group, a group of companies that have made long-term commitments to countries hit by Ebola.
The last recorded outbreak in Liberia occurred in July. However the company said it remains vigilant to potential further infection.
The company continued to make progress on its estates despite the challenges from Ebola, replanting over 1,400 hectares of land during the year.
Shares in Equatorial Palm Oil were down 1.3% at 1.85 pence Monday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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