Oct 2, 2013 - Canadian biorefining technology firm Lignol Energy Corp (CVE:LEC) on Monday reported a comprehensive profit of CAD 3.96 million (USD 3.8m/EUR 2.8m) for its first fiscal quarter through July 31 against a loss of CAD 970,000 a year ago.
Lignol noted that its first-quarter results contain its own accounts, as well as those of units Lignol Innovations Ltd (LIL) and Australian Territory Biofuels (TBF). It attributed the turnaround to a CAD-4.08-million jump in the market value of its investment in Australian Renewable Fuels, in which it has a 21% stake, and a non-cash foreign exchange gain of CAD 1.7 million.
The firm’s operating loss stood at CAD 980,000, compared to a loss of CAD 960,000 in the same period of the prior fiscal year.
At the end of July, the Canadian firm and its subsidiaries LIL and TBF had CAD 1.5 million in cash and cash equivalents and as much as CAD 2.6 million in future funding receivable from contracted government and corporate funding agreements. Lignol also had CAD 2.6 million in trade payables, CAD 2.3 million in current lease obligations and CAD 6 million of outstanding debt.
Lignol is developing a technology portfolio for the making of cellulosic ethanol, high value cellulose and high purity HP-LTM lignin.
(CAD 1.0 = USD 0.967/EUR 0.715)
Choose your newsletter by Renewables Now. Join for free!