LONDON (Alliance News) - ZincOx Resources PLC Thursday said it swung to a pretax loss in its first half as equipment failures offset sales increases.
The global hazardous waste recycling company posted a pretax loss of USD17.6 million for the six months ended June 30 compared to a pretax profit of USD381,000 the previous year.
The company said that although its sales increased to USD13.9 million from USD1.3 million, the cost of its sales vastly increased to USD20.8 million from USD4.1 million during the period.
The company suffered problems in its Korean gas-handling system as a heat-exchange failure resulted in the structural integrity of equipment being compromised and the plant having to be shut for several days at a time.
ZincOx shares were down 11% to 16.25 pence Thursday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
Copyright 2013 Alliance News Limited. All Rights Reserved.
