SINGAPORE (Aug 4): AsiaPhos swung back to the black in 1H17 with earnings of $912,000 from a loss of $549,000 in 1H16.
1H17 revenue more than doubled to $28.2 million compared to $11.6 million a year ago.
AsiaPhos says it experienced a good season in 1H17 and mined an excess of 181,000 tonnes of rocks.
Hence, the group’s inventory of phosphate rocks stands at about 137,000 tonnes as of end June. These will be available for sale or production use of P4.
As of end June, cash and cash equivalents stood at $2.35 million compared to a debt of $101,000 a year ago.
AsiaPhos has invested carefully to build and grow its businesses In line with the group’s strategy to grow in a sustainable and responsible manne.
The group has announced plans to split its upstream and downstream segments into two separate entities so that it can adopt a more focused approach in growing the downstream business.
It will also continue exploring with strategic partners to build complementary businesses, both horizontally and vertically, to further enhance shareholders’ value.
Shares in AsiaPhos last traded at 10 cents on Friday.
