31st May 2016 10:50
LONDON (Alliance News) - United Cacao Ltd SEZC on Tuesday said its pretax loss widened in 2015 as it continued its planting programme ahead of an anticipated start of commercial sales in early 2017.
The company said its pretax loss for the year to the end of December was USD4.2 million, compared to a USD3.0 million loss a year earlier. It did not generate revenue in either year.
United Cacao said its total area planted has reached 1,656 hectares, and the group has submitted land privatisation applications to agricultural authorities in Peru.
"As we now have finished our main planting programme, we are focused on bringing the estate into production and expanding our land bank," said Executive Chairman Dennis Melka. He added the company expects its first commercial sales to start in early 2017.
"Lastly, the government's agricultural land privatisation programme affords the company a unique strategic opportunity to cost-effectively grow its land bank of titled agricultural land with perfect climatic conditions for cacao cultivation," he added.
Shares in the group were down 2.5% to 95.10 pence in London Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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