30th Apr 2014 16:05
LONDON (Alliance News) - Maple Energy PLC Wednesday said it widened its losses in 2013, despite good growth in revenues, due to lower yields and volumes of ethanol produced, and higher-than-expected maintenance costs.
Revenues increased to USD133.3 million in 2013, compared with USD118.2 million in 2012, which it said was boosted by the first full year of commercial operations of its ethanol business.
However, gross profit for the year was USD12.2 million, down from USD28.2 million in 2012, mainly due to higher-than-expected maintenance costs for the ethanol business, as well as lower yields and volumes, against a relatively fixed agricultural cost base.
"In 2013, the company's operations were focused primarily on consolidating commercial operations of the ethanol business, increasing its operating efficiency, and optimising the hydrocarbon production, refining, and marketing activities," said Chairman Carlos Palacios in a statement.
The group's net loss after taxes was USD62.0 million in 2013, compared with a net loss of USD39.7 million in 2012.
"Financial results were below expectations mainly due to lower yields and volumes of ethanol produced and higher-than-anticipated maintenance costs, against a relatively fixed agricultural cost base, in respect of the ethanol business," said Palacios. Maple Energy operates in Peru, where it has a sugar cane plantation.
Maple Energy shares closed 2.3% lower Wednesday at 14.65 pence.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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