17th May 2016 08:53
LONDON (Alliance News) - Clean water technology company Mycelx Technologies Corp Tuesday reported a narrowed pretax loss for 2015 due to lower costs, as the continuing decline of the oil price constrained its revenue in 2015.
The company reported a pretax loss of USD3.2 million for 2015, narrowed from a pretax loss of USD5.5 million the year before, mostly as a result of lower selling, general and administrative costs. Revenue was flat at USD13.6 million.
Mycelx said the oil price decline had hit its expected revenue, causing widespread project delays, and leading to a very difficult business environment.
Looking ahead, the company said its primary market remains in distress, and as a result it has taken a conservative approach to forecasting its revenue in 2016.
For the year ahead the company said its expense control measures will enable it to be cash neutral, and it will focus increasingly on establishing strategic alliances to leverage its sales and marketing channels globally. Oil price volatility and market dislocation will continue to affect the timing of project awards, Mycelx said.
Shares in Mycelx were untraded Tuesday morning, they last closed at 21.00 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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