Business / Companies
Interfresh reports a 32 percent revenue decline
31 Aug 2011 at 09:14hrs | Views
A dire set of interim results from Interfresh, with the group reporting a 32% decline in the top line to $4.6 million. High finance costs of $743,166 worsened the attributable loss for the period to $1.5 million.
The operational review shows limited business activity, due to working capital constraints. Current borrowings raised through financing activities amount to $3.8 million.
The company managed to acquire a $5 million six year loan, and this is expected to alleviate the company's working capital and capital expenditure needs. Although management expects a profitable second half, we see no respite in the short term for the company given the high interest burden on a depressed business performance.
The operational review shows limited business activity, due to working capital constraints. Current borrowings raised through financing activities amount to $3.8 million.
The company managed to acquire a $5 million six year loan, and this is expected to alleviate the company's working capital and capital expenditure needs. Although management expects a profitable second half, we see no respite in the short term for the company given the high interest burden on a depressed business performance.
Source - Imara Stockbrokers
