(Alliance News) - Harvest Minerals Ltd on Monday said it expects to deliver its first profit in the year ahead as sales of its KPFertil fertiliser ramp up in Brazil.
Harvest Minerals said sales of KPFertil, a natural remineraliser produced by the Arapua project in Minas Gerais state, reached about 50 kiloton in the past 12 months. Sales prices were maintained at BRL200, about USD48, per tonne, it said.
"Having launched KPFertil just 12 months ago, we are delighted to report that we will close the year at breakeven at the profit before tax level. Given this progress and as we continue to build confidence in the product and grow our sales run-rate, we aim to see a maiden profit before tax in 2020," said Chair Brian McMaster.
In the financial year ended June 30, Harvest Minerals recorded a pretax loss of USD3.5 million, widened from USD2.9 million the year before.
Harvest Minerals shares were trading 4.5% higher in London on Monday morning at 3.92 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
Copyright 2019 Alliance News Limited. All Rights Reserved.
Harvest Mi (di) (HMI)