Soda hopes to rise again
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- Indepth analysis of ASX listed shares
- BUY, Hold and Sell Recommendations
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Chairman David Trebeck told shareholders at Tuesday's annual meeting that liquidity remained tight, "further challenged by lumpiness in individual expenditure and revenue items".
A debt restructure was being negotiated. Penrice has $110 million of debt and $127.5 million of accumulated losses. The company's forecast for the rest of the financial year is for "a modest, but gradually improving ... positive net free cash flow."
A strong dollar, weak demand and product prices forced the group to close its soda ash plant and shift to imports. Its future now hinges on developing the quicklime market, renegotiating debt and recapitalising.
In the year to June, the loss per share totalled 54.8¢, down from the loss of 69.6¢ a share a year earlier. The net loss fell to $50.1 million from $63.5 million.
