25th Sep 2013 07:49
LONDON (Alliance News) - Iofina PLC Tuesday said its pretax losses significantly narrowed in its first-half as sales increased at the company's chemical processing plants.
The iodine exploration and development company said its pretax losses narrowed to USD122,657 from USD969,517 for the six months ended June 30.
Iofina said its sales were up 51%, to USD11.6 million from USD7.7 million as chemical processing of both the company's recycled iodine and its own production increased.
The company also said it had completed a multiple site contract with one of the largest oil and gas operators in the US and has a cash balance of USD16.2 million, up from USD10.4 million the previous year.
The company also said it is expecting a strong second-half ahead, with four new plants coming online and production from existing plants continuing to increase. Iofina has also identified six additional iodine sites as part of its 2014 expansion strategy.
Iofina shares were up 4.73% to 155 pence in early trading Wednesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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