23rd Mar 2018 11:33
LONDON (Alliance News) - Harvest Minerals Ltd on Friday reported narrowed pretax loss for the first half of its financial year, as costs reduced, and said it generated first revenue on the Arapua multi-nutrient direct application natural fertiliser project.
The fertiliser company said its pretax loss in the six months to the end of December was USD830,000 compared to USD1.4 million loss the year before.
Reductions in travel, rent, accounting and consulting expenses offset rises in advertising, legal and depreciation costs.
The company said it was ahead of schedule and completed agronomic test works on the Arapua Project in Brazil, "well" under 12 months, compared with 18 months originally planned. As a result, commercial production of fertiliser KPfertil started in October.
Harvest Minerals delivered its first revenue of USD42,000 and said it signed first major deal with Brazilian distributor Agrocerrado Produtos Agricolas e Assistencia Tecnica LTDA to supply 36 kilotons of KPfertil with a sales value of over USD2.0 million.
Harvest Minerals Chairman Brian McMaster said: "Looking forward, 2018 is going to be another real step change for us as we focus on increasing our sales volumes and head towards commercial production."
Shares in Harvest Minerals were trading 2.6% lower at 21.62 pence per share on Friday.
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