10th May 2018 13:58
LONDON (Alliance News) - Balkans-focused marble quarrying company Fox Marble Holdings PLC said on Thursday it suffered a widened loss in 2017 due to a loss on net finances, despite revenue growth.
Pretax loss for 2017 widened to EUR3.4 million from EUR2.8 million the year before, as the net finance line swung to a loss of EUR503,946 from income of EUR42,492.
However, revenue rose 50% to EUR1.2 million from EUR801,040 due to higher production and sales.
Material production during the period doubled to 8,811 tonnes from 4,286 tonnes a year before, and 4,641 tonnes of material was sold, significantly up from 1,243 tonnes, along with 5,000 square metres of processed material, down from 6,118 square metres in 2016.
During 2017, Fox's marble processing factory was completed in September, with over 14,000 square metres of material processed from then to the end of December, and a sale contract was entered with OM Enterprises to purchase a minimum of 5,000 tonnes of material over the next three years.
"I'm pleased to report that in 2017 we achieved a significant operational breakthrough with the successful completion of our factory in Kosovo. Furthermore, this major achievement was coupled with the securing of a number of key international sales agreements throughout the year," said Chief Executive Officer Chris Gilbert.
"We are establishing Fox Marble as a major international supplier of high quality marble blocks and processed marble products as we increase our capacity and enhance our product range. Demand for our materials is increasing and our recent fund raising has enabled us to strengthen our balance sheet, increase production capacity in the quarries and drive our sales to deliver sustained growth going forward," Gilbert added.
Shares in Fox Marble Holdings were down 7.6% at 9.01 pence on Thursday.
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