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Friday 11th September 2009 |
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A2 Corp., the company that owns and licenses techniques to identify milk with a protein variant claimed to have health benefits, posted a loss of $3.5 million in the 15 months ended June 30 and said its business has stabilised enough to rule out further capital raising.
The company changed its balance date from March 31 and provided year-earlier figures for the 12 months through March 2008, when the net loss was $6.3 million. Revenue in the latest 15 months was $1.6 million.
The loss included one-time items such as a $1.1 million payment to the Child Health Research Foundation to cancel a profit-share arrangement and an impairment of $272,667 to write off its investment in A2 Milk Co. LLC.
The net cash position was $7.17 million at June 30, “showing that the business has stabilised and should not require further capital unless an acquisition or purchase of assets is to be considered,” the company said.
Its Australian Dairy Products Australia joint venture reported gross sales of A$18 million, up from A$11.5 million a year earlier and A2 said it expects increased volume and profitability in 2010.
The shares last traded at 8.5 cents and are down 25% in the past month.
Businesswire.co.nz
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