Soda exit fuels $28m Penrice loss

Penrice Soda posted a second consecutive $28 million first‑half loss, largely driven by write‑downs on its loss‑making Adelaide soda ash plant.

The company cited the dire state of Australia’s manufacturing and construction sector and the plant’s ongoing losses, leading to the decision to shut the chemical plant in June.

Penrice shares fell about 5% to 9.5 cents on the Friday after the announcement; the stock had been 14.5 cents in January before the closure was revealed.

The closure of the soda ash plant cost 60 jobs, according to the company.

Penrice will continue producing more profitable sodium bicarbonate for pharmaceutical and food companies, and it will keep operating its marble and limestone mine.

Penrice’s net debt rose to $98.1 million, up from $93.6 million six months earlier.

Chief executive Guy Roberts said the company could not get on with its restructure quickly enough, commenting on the challenges the business faced.

Investors should note that Penrice reported another large first‑half loss tied to a closed soda ash plant, has rising net debt, has cut jobs, and is refocusing on sodium bicarbonate production and mining—facts that highlight both near‑term headwinds and the company’s strategic shifts.