9th Jul 2014 11:02
LONDON (Alliance News) - Iofina PLC Wednesday said its second quarter production almost doubled on the previous quarter but its June production rates have fallen due to the impact of major electrical storms hitting its operations.
Iofina, which produces iodine from the brine that results from fracking in the US, said its second quarter production increased 98% to 92.9 metric tonnes from 47 metric tonnes in the first quarter.
The company added that it was also profitable for the three months ended June 30 in terms of both EBITDA and net profit.
However, Iofina said its production rates fell to 30.6 metric tonnes of crystallised iodine in June from 40.5 metric tonnes in May after production downtimes due to severe electrical storms at all of its Oklahoma plants.
The company said one of its plant sites was struck by lightning and suffered minimal damage and the plant was back online within 48 hours.
Iofina said the exit rate of production for the month was as expected and has remained strong into July in line with guidance, which the company reiterated at 400 metric tonnes, stating that its IO#5 and IO#6 plants are scheduled to come online this month.
"We are pleased to report a strong second quarter. While we had lower production for the month of June, we remain firmly focused on a daily basis on achieving consistent production," Non-Executive Chairman Lance Baller said in a statement. "The strong June production exit is very encouraging."
Iofina shares were up 1.0% to 48.75 pence on Wednesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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