2nd Dec 2021 16:55
(Alliance News) - Tirupati Graphite PLC on Thursday reported losses have more than doubled in disappointing interim results.
For the six month period ended 30 September, the London-based company specialising in graphite and graphene reported it had more than doubled its pretax loss to GBP1.0 million from GBP493,000 in the same period of 2020.
The company saw a similar story in its loss before interest, tax, depreciation and amortisation which widened to GBP837,000 from GBP368,000 in the same period the previous year.
Revenue was up around a third to GBP560,000 from GBP419,000 a year before.
Executive Chair Shishir Poddar said: "We have continued the strong progress made since our initial public offering in December last year investing in and establishing new capacities for increased production from our low cost, high margin flake graphite operations in Madagascar. We have also continued to develop our sustainable new age materials making a mark in the world of advanced materials. With two projects having been commissioned in the period under review and a further three under investment and development, we will be adding significant production capacities across our upstream and downstream businesses from the next financial year onwards, which will be a game changing transformation for us becoming a globally significant supplier of primary flake graphite and speciality graphite."
Shares closed down 2.2% at 68.00 pence on Thursday in London.
By Heather Rydings; [email protected]
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