Monday, bioplastics manufacturer Plantic Technologies Ltd. (PLNT.L) posted a narrower loss for the full-year 2008, helped by a rise in sales and favorable exchange rates.
Loss before income tax narrowed to A$8.95 million from A$10.3 million in the prior year. Loss before income tax and finance costs was down to A$8.7 million from A$9.6 million last year.
Net loss for the year was A$8.95 million compared to loss of A$10.3 million a year ago. Loss attributable to ordinary equity holders of the company narrowed to 11.23 Australian cents per share from 16.16 Australian cents per share.
Sales revenue increased to A$3.6 million from A$1.5 million last year. Sales volumes for the year jumped 120% over prior year.
Looking ahead, CEO Brendan Morris, said, "The global economic environment has continued to deteriorate. This is having an effect on Plantic's growth and performance in 2009. However, the Directors remain confident about the long-term prospects for the company and its technology."
Currently, the stock is up 0.38 pence, trading at 8 pence on the London Stock Exchange.
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