11th Dec 2015 07:55
LONDON (Alliance News) - Clean water technology company HaloSource Inc on Friday said delays in getting its drinking water plant in China up and running will result in the group's 2015 results materially missing expectations.
HaloSource said the drinking water plant in China is now actively fulfilling customer orders, but this followed an extended shutdown of the facility due to unexpected operational challenges related to the production of cartridges as the company ramped up production capacity.
These delays have pushed orders expected in 2015 back to the first quarter of 2016 and, as a result, drinking water revenue for the second half will be lower than anticipated, meaning its total revenue for the full year will be materially lower than market expectations of USD18.0 million to USD19.0 million.
Therefore, its net loss will be wider than market expectations and will hit its cash position. The company said it is actively reviewing ways to boost its balance sheet and improve cash generation.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Halosource (Di)