AsiaPhos has reported net losses of $915,000 for 1QFY2016, a more than seven-fold increase from the $121,000 a year earlier.
For the quarter to March, revenue fell 68% to $2 million, as there was lower inventory rolled over from FY2015 available for sale. The group’s mining operations only resumed in March, while its production of elemental phosphorous (P4) will only resume at end April.
Revenue from the upstream segment fell by $2.1 million, on the back of lower quantity of phosphate rocks sold and lower average selling prices. In 1Q2016, the group sold 25,800 tonnes of phosphate rocks as compared to 47,000 tonnes in 1Q2015.
Revenue from the downstream segment fell by $2.2 million, due to the absence of revenue from sale of P4.
Other income fell by $0.5 million due to the reduction in interest income from the convertible loan notes, as the notes were converted into the equity of LY Resources in July 2015.
AsiaPhos says its financial performance during the quarter is not expected to be representative of the remainder of the year, and adds that it plans to increase its rock production. The increased production is expected to contribute positively to the group’s cash flow and earnings for FY2016.
The group did not declare any dividends for the current financial period.
AsiaPhos’ shares closed 3.37% higher at 9.2 cents.
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For the quarter to March, revenue fell 68% to $2 million, as there was lower inventory rolled over from FY2015 available for sale. The group’s mining operations only resumed in March, while its production of elemental phosphorous (P4) will only resume at end April.
Revenue from the upstream segment fell by $2.1 million, on the back of lower quantity of phosphate rocks sold and lower average selling prices. In 1Q2016, the group sold 25,800 tonnes of phosphate rocks as compared to 47,000 tonnes in 1Q2015.
Revenue from the downstream segment fell by $2.2 million, due to the absence of revenue from sale of P4.
Other income fell by $0.5 million due to the reduction in interest income from the convertible loan notes, as the notes were converted into the equity of LY Resources in July 2015.
AsiaPhos says its financial performance during the quarter is not expected to be representative of the remainder of the year, and adds that it plans to increase its rock production. The increased production is expected to contribute positively to the group’s cash flow and earnings for FY2016.
The group did not declare any dividends for the current financial period.
AsiaPhos’ shares closed 3.37% higher at 9.2 cents.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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