By NZPA
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Friday 9th August 2002 |
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That was more than three times the net loss of $350,000 in the same period the previous year.
Managing director Earl Stevens said today the company, which is developing an organic weed killer, had made $97,000 in revenue while still establishing itself.
Certified Organics was focusing on conducting field trials, arranging regulatory approvals and creating a distribution network.
Sales averaged about $16,000 a month for the period, although the company had decided to delay marketing the Organic Interceptor weed killer until spring.
In July, after the reporting period, Certified Organics also sold four tonnes of organic shampoo to Australia.
"We are expecting income for the full year to be in excess of $1 million," Dr Stevens said.
"The end of year result should be in line with the forecast given at the annual meeting, where we talked in terms of an operating loss for the full year in the order of $1.7 million," Dr Stevens said.
For the first half, expenditure totalled $1.3 million, including $208,000 on research and development.
The company's cash reserves totalled $158,000 at the end of the period, and borrowings of $243,000 were mostly from shareholders.
Certified Organics has shareholder approval to raise up to $6 million through the private placement of one billion shares, to fund offshore expansion.
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