Sept 10 Annual Accounts now out.
They show continuing improvements in sales and core profits.
The Derivatives charge has reduced somewhat
But as expected, a loss was made for the year, after writing off the Share Placement. This is disappointing, considering that they are at max production.
Some hints that the new production line, increasing capacity from 30,000 to 120,000 tons pa has been delayed. The new line is expected to complete in 2011, which is rather vague.
Construction costs are mopping up every available amount of cash there is, leading to a Working Capital deficiency of $1,9 million.
The good news is that the bulk of construcrion costs have now been paid. So the drain on working capital should come to an end soon.
Also good that they appear to be backing off from another share placement, prefering instead to raise loans from friends and family.
I think we won't see much action here until next year's Sept 11 accounts though
