Gem Biofuels seeks GBP 2m in new funds, loss deepens in H1 2010
(ADPnews) - Nov 5, 2010 - UK jatropha planter and oil producer Gem Biofuels Plc (LON:GBF) saw its first-half net loss widen to GBP 608,100 (USD 986,000/EUR 694,000) from GBP 323,100 a year ago, and announced it would seek to raise as much as GBP 2 million in fresh funds to continue as a going concern.
The deeper loss was due to currency effects and downsized operations as a result of the company's consolidation.
Basic and diluted loss per share amounted to GBP 0.0199, compared with GBP 0.0117 twelve months earlier.
In the reporting period, the company booked its first revenue from crude jatropha oil sales of GBP 17,900. Sales prices were between GBP 540 and GBP 685 per tonne, in line with forecasts. Gem Biofuels estimates that annual revenue per mature hectare of jatropha plantation should come at GBP 620 to GBP 800.