29th Jan 2021 11:19
Agriterra Ltd - African agricultural company - Posts narrowed USD997,000 pretax loss for the six months ended September 30, compared to the prior year's USD1.3 million loss. While revenue falls to USD5.5 million from USD6.1 million, operating expenses drop sharply to USD1.2 million from USD2.2 million, shrinking overall loss.
Commenting on outlook, Chair Caroline Havers acknowledges the risk the Covid-19 virus may start to escalate in Mozambique, which would hurt operations by contracting the economy and restricting movement within the country, with heath care units and facilities already 90% full.
Havers says: "We remain alert to the fast-changing environment and are prepared to put in place mitigating actions as events develop. As previously reported, our products are key staples in the domestic Mozambican market and demand is not expected to be significantly affected.
"The investment in the oil and gas sector in the north remains in large part suspended and has reinforced the importance of developing the presence of our Beef division in the south."
Current stock price: 4.46 pence; down 27% on Friday.
Year-to-date change: down 26%
By Anna Farley; [email protected]
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