29th Sep 2015 10:34
LONDON (Alliance News) - Iofina PLC Tuesday reported a narrowed pretax loss in the first half of 2015 as it produced its highest ever level of crystalline iodine, but revenue was hit by falling iodine prices.
The company, which specialises in the production of iodine and chemical derivatives, said that its pretax loss in the six months ended June 30 narrowed to USD467,481 from USD1.2 million the year before, although revenue declined to USD11.1 million from USD13.0 million.
It said revenue was hit by lower iodine prices, but that it produced its highest level of crystalline iodine in its history. Additionally, Iofina Chemical processed record levels of iodine into chemical derivatives which helped to partially offset the continued deterioration of iodine prices.
Iofina added that it is on track to meet management expectations for the full year.
"Iofina remains on track to become North America's second largest iodine producer in 2015, having performed well in the period against a challenging iodine and macro-economic market. The group continues its strategic plans to expand production. The group has a backlog of commercially viable iodine production sites and have identified our next two sites in our core area for expansion," Chief Executive Tom Becker said in a statement.
Shares in Iofina were trading down 6.4% at 18.25 pence Tuesday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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