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Amira Nature Foods Ltd Announces Results for the Six Months Ended September 30, 2017

DUBAI, United Arab Emirates, Nov 30, 2017 (BUSINESS WIRE) --

Amira Nature Foods Ltd (the "Company;" or "Amira" NYSE: ANFI), a leading global provider of branded, packaged Indian specialty rice, today reported financial results for the six months ended September 30, 2017.

Six Months Ended September 30, 2017:

All numbers below are compared to six months ended September 30, 2016:

-- Revenue of $228.9 million , an 8.5% increase

-- Adjusted EBITDA of $31.3 million, increased $3.9 million

-- Adjusted EBITDA margin of 13.7%, increased 60 basis points

-- Profit after tax of $11.5 million, a 15% increase

-- Adjusted profits after tax of $11.9 million, a 2.5% decrease

-- Earnings per share ("EPS") of $0.29, a 7.4% increase

-- Adjusted earnings per share ("Adjusted EPS") was $0.30, decreased 11.8%

-- Net debt to the last twelve months Adjusted EBITDA of 3.0x,

Varun Sethi, Amira's Chief Financial Officer stated, "Our business performance improved during the half year ended September 30, 2017 backed by an improved pricing environment, indicating continued upwards movement from the inflection point reached in the previous year. This is reflected in the increase in revenue, the improved margins and our healthy balance sheet for the six months ended September 30, 2017 compared to the same period in the prior year. We have a solid platform for growth, driven by attractive industry dynamics and backed by our global management teams. The resilience in the business model is evidenced by the results achieved for this period."

Six Months Ended September 30, 2017 Results

Revenue increased $18.0 million, or 8.5%, to $228.9 million in the six months ended September 30, 2017 from $210.9 million in the six months ended September 30, 2016. The revenue increase was primarily due to improved pricing environment both in India and internationally, demonstrating the pricing power of the industry.

During the six months ended September 30, 2017, revenue from international and India sales contributed 58.4% and 41.6% of total sales respectively. During the six month period ended September 30, 2016, revenue from international and India sales contributed 57.8% and 42.2% of total sales respectively. During the six months ended September 30, 2017, our revenue from Indian sales increased by $6.2 million or 6.9% to $95.2 million from $89.0 million in the same period of 2016. Our sales in India increased by approximately 2.9% during the six months ended September 30, 2017 as compared to the same period in 2016, when measured in Indian rupees. Translation of our revenues from India, to USD also positively impacted the reported revenues. The Company's International sales increased by $11.8 million or 9.7% to $133.7 million from $121.9 million for the same period in 2016.

                               
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Half Year ended            September 30, 2017         % of total sales       September 30, 2016         % of total sales                 Movement
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
India sales                         $ 95.2 Mn                    58.4%                $ 89.0 Mn                    57.8%                 $ 6.2 Mn
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
International sales                $ 133.7 Mn                    41.6%               $ 121.9 Mn                    42.2%                $ 11.8 Mn
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                               
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Total sales                        $ 228.9 Mn                     $ 210.0 Mn                      $ 18.0 Mn
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------

During the six months ended September 30, 2017, adjusted EBITDA increased $3.9 million to $31.3 million from $27.4 million in the prior six months period. Adjusted EBITDA margin was 13.7% for the six months ended September 30, 2017, approximately 60 basis points higher than the prior year period, primarily due to improved pricing environment. Profit after tax was $11.5 million for the period, compared to $10.0 million for the prior year period. Adjusted profit after tax was $11.9 million for period, compared to $12.2 million for the prior year period. EPS was $0.29 per share for the period compared to $0.27 for the prior year period. Adjusted EPS was $0.30 for the period compared to $0.34 for the prior year period. A reconciliation of adjusted EBITDA, adjusted EBITDA margin, adjusted profit after tax and adjusted EPS is provided in the "Non-IFRS Financial Measures" section of this release.

For the trailing twelve months ended September 30, 2017, the Company generated revenue of $569.8 million, adjusted EBITDA of $74.4 million and adjusted EPS of $0.30 compared to revenue of $342.0 million, adjusted EBITDA of $41.9 million and adjusted EPS of $0.38 per share for the twelve month period ended June 30, 2012 which preceded its initial public offering.

Balance Sheet and Cash Flow Highlights

As of September 30, 2017, the Company had cash and cash equivalents of $5.1 million (not including $2.9 million of short term investments, deposits which are available on demand) and adjusted net working capital was $531.5 million. Total debt was $230.7 million as of September 30, 2017, compared to $224.4 million at March 31, 2017 and net debt to LTM adjusted EBITDA was 3.0x. As of September 30, 2017, inventories were $306.4 million, compared to $273.1 million, trade receivables were $191.6 million compared to $209.7 million and trade payables were $7.9 million compared to $13.0 million at March 31, 2017, respectively. Reconciliations of adjusted net working capital to the IFRS measures of working capital and total current and non-current debt, and LTM adjusted EBITDA respectively, are provided in the "Non-IFRS Financial Measures" section of this release.

About Amira Nature Foods Ltd

Founded in 1915, Amira has evolved into a leading global provider of branded packaged specialty rice, including Basmati and other food products, with sales across five continents around the world. The Company primarily sells Basmati rice, which is a premium long-grain rice grown only in the geographically indicated region of the Indian sub-continent, under its flagship Amira brand as well as under other third party brands. Amira sells its products through a broad distribution network in both the developed and emerging markets. The Company's global headquarters are in Dubai, United Arab Emirates, and it also has offices in India, Malaysia, Singapore, Germany, the United Kingdom, and the United States. Amira Nature Foods Ltd is listed on the New York Stock Exchange (NYSE) under the ticker symbol "ANFI."

For more information, please visit www.amira.net.

Safe Harbor for Forward-Looking Statements

This press release contains statements of a forward-looking nature. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by words or phrases such as "may," "will," "except," "anticipate," "aim," "estimate," "intend," "plan," "believe," "is/are likely to," "future" or other similar expressions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. There is no assurance that our current expectations and projections are accurate. These forward-looking statements include, but are not limited to:

-- our goals and strategies;

-- our operations and expansion plans;

-- our future business development, results of operations, financial condition and financial statements;

-- our ability to protect our intellectual property rights;

-- projected revenue, EBITDA, adjusted EBITDA, profits, adjusted profits, earnings, adjusted earnings and other estimated financial information;

-- our ability to maintain strong relationships with our customers and suppliers;

-- governmental policies regarding our industry; and

-- the impact of legal proceedings.

You should not place undue reliance on forward-looking statements and you should read these statements in conjunction with the risk factors disclosed in "Risk Factors" appearing in Amira's Annual Reports found on the SEC's website located at www.sec.gov. Those risks are not exhaustive. We operate in a rapidly evolving environment. New risk factors emerge from time to time, and it is impossible for our management to predict all risk factors, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ from those contained in any forward-looking statement. We do not undertake any obligation to update or revise the forward-looking statements except as required under applicable law.

                                                                                    Amira Nature Foods Ltd
 
                                                                    Condensed Consolidated Statements of Financial Position
                                                                                                                                                          (Amounts in USD)
                                                                         ---------------------------------------------------------------------------------------------------------------
                                                                    As at                                     As at
                                                                                September 30, 2017                                                                March 31, 2017
                                                                                    (Unaudited)                                                                      (Audited)
                                                                         -------------------------------  -------------------- -------------------- ----------------------------------------
ASSETS                                                                                                       
Non-current
Property, plant and equipment                                                               $  17,868,289                                                              $           18,674,113
Goodwill                                                                                        1,512,058                                                                           1,386,322
Other intangible assets                                                                         1,468,158                                                                           1,419,363
Other long-term financial assets                                               218,369                    152,814
                                                                         -------------------- ----------- -------------------- -------------------- -------------------- --------------------
Total non-current assets                                                                    $  21,066,874                        $           21,632,612
                                                                         -------------------- ----------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                          
Current
Inventories (Note 8)                                                                        $ 306,841,721                                                              $          273,063,839
Trade receivables                                                                             191,552,088                                                                         209,673,239
Derivative financial assets                                                                             -                                                                                   -
Other financial assets                                                                          4,115,443                                                                           5,467,164
Prepayments (Note 9)                                                                           60,620,604                                                                          47,272,153
Other current assets                                                                              693,463                                                                             664,553
Cash and cash equivalents                                                    5,151,300                 16,831,655
                                                                         -------------------- ----------- -------------------- -------------------- -------------------- --------------------
Total current assets                                                                        $ 568,974,619                        $          552,972,603
                                                                         -------------------- ----------- -------------------- -------------------- -------------------- --------------------
Total assets                                                                                $ 590,041,493                        $          574,605,215
                                                                         ==================== =========== ==================== ==================== ==================== ====================
                                                                                                                                                                          
EQUITY AND LIABILITIES
Equity
Share capital                                                                               $      13,609                                                              $               11,952
Share premium                                                                                 111,585,500                                                                         102,788,560
Other reserves                                                                                (9,122,790)                                                                         (7,741,969)
Retained earnings                                                          179,244,727                167,424,244
                                                                         -------------------- ----------- -------------------- -------------------- -------------------- --------------------
Equity attributable to shareholders of the Company                                          $ 281,721,046                                                              $          262,482,787
Equity attributable to non-controlling interest                             40,159,641                 40,741,634
                                                                         -------------------- ----------- -------------------- -------------------- -------------------- --------------------
Total equity                                                                                $ 321,880,687                                                              $          303,224,421
                                                                         -------------------- -----------                                           -------------------- --------------------
                                                                                                                                                                          
Liabilities
Non-current liabilities
Defined benefit obligations                                                                 $     337,556                                                              $              283,944
Debt                                                                                               12,351                                                                              48,743
Deferred tax liabilities (Net)                                               4,787,887                  4,491,272
                                                                         -------------------- ----------- -------------------- -------------------- -------------------- --------------------
Total non-current liabilities                                                               $   5,137,794                        $            4,823,959
                                                                         -------------------- ----------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                          
Current liabilities
Trade payables                                                                              $   7,894,454                                                              $           13,004,865
Debt (Note 10)                                                                                230,654,710                                                                         224,391,280
Current tax liabilities (net)                                                                  16,929,802                                                                          15,799,116
Derivative financial liabilities                                                                        -                                                                                   -
Other financial liabilities                                                                     5,940,112                                                                          12,259,830
Other current liabilities                                                    1,603,934                  1,101,744
                                                                         -------------------- ----------- -------------------- -------------------- -------------------- --------------------
Total current liabilities                                                                   $ 263,023,012                        $          266,556,835
                                                                         -------------------- ----------- -------------------- -------------------- -------------------- --------------------
Total liabilities                                                                           $ 268,160,806                        $          271,380,794
                                                                         -------------------- ----------- -------------------- -------------------- -------------------- --------------------
Total equity and liabilities                                                                $ 590,041,493                        $          574,605,215
                                                                         ==================== =========== ==================== ==================== ==================== ====================
                                                                                                                                                                          
 
                                                                                              Amira Nature Foods Ltd
                                                                                Condensed Consolidated Statements of Profit or Loss
                                             
                                                                                                                                                                              (Amounts in USD)
                                                                                    ------------------------------------------------------------------------------------------------------------------------
                                                                                                                                           Six months ended
                                                                                                September 30, 2017                            September 30, 2016
                                                                                                    (Unaudited)                                                                         (Unaudited)
                                                                                    ----------------------------------------                                            ----------------------------------------
Revenue                                                                                                $          228,929,636                                                              $          210,924,684
Other income                                                                                                           19,110                                                                              19,682
Cost of material                                                                                                (225,261,357)                                                                       (182,978,800)
Change in inventory of finished goods                                                                              36,960,197                                                                          12,774,137
Employee benefit expenses                                                                                         (3,303,120)                                                                         (4,561,672)
Depreciation and amortization                                                                                       (830,838)                                                                           (936,271)
Freight, forwarding and handling expenses                                                                           (907,591)                                                                         (1,396,839)
Other expenses                                                                                 (6,232,506)                (8,395,427)
                                                                                    -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                       $           29,373,531                                                              $           25,449,494
Finance costs                                                                                                    (16,994,815)                                                                        (13,997,437)
Finance income                                                                                                         28,695                                                                             147,607
Other gains and (losses)                                                                           673,677                (1,130,954)
                                                                                    -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Profit before tax for the period                                                                       $           13,081,088                                                              $           10,468,710
Income tax expense                                                                                                (1,558,311)                                                                           (434,324)
                                                                                               
                                                                                    -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Profit after tax for the period                                                                        $           11,522,777                                                              $           10,034,386
Profit after tax attributable to:
Shareholders of the Company                                                                            $            9,250,902                                                              $            7,787,664
Non-controlling interest                                                                               $            2,271,875                                                              $            2,246,722
                                                                                                                                                                                              
Earnings per share
Basic earnings per share                                                                               $                 0.29                                                              $                 0.27
Diluted earnings per share                                                                             $                 0.29                        $                 0.27
                                                                                    -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                                              
 
 
                                                                                                          Amira Nature Foods Ltd
 
                                                                                         Condensed Consolidated Statements of Comprehensive Income
 
                                                                                                                                                                (Amounts in USD)
                                                                                                            ------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                   Six months ended
                                                                                                                        September 30, 2017                            September 30, 2016
                                                                                                                            (Unaudited)                                                                         (Unaudited)
                                                                                                            ----------------------------------------  -------------------- -------------------- ----------------------------------------
Profit after tax for the period                                                                                                $           11,522,777                        $           10,034,386
Other comprehensive income/(loss)
Items that may be reclassified subsequently to profit or loss:
Available for sale financial assets:
Current period gain/(loss)                                                                                                                     37,269                                                                              31,991
Reclassification to profit or loss                                                                                                                  -                                                                                   -
Income tax                                                                                                                (12,898)                   (11,071)
                                                                                                            -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                               $               24,371                        $               20,920
                                                                                                            -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Cash flow hedging reserve:
Current period gain/(loss)                                                                                                                          -                                                                                   -
Reclassification to profit or loss                                                                                                                  -                                                                                   -
Income tax                                                                                                                       -                          -
                                                                                                            -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                               $                    -                        $                    -
                                                                                                            -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                       
                                                                                                            -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Currency translation reserve                                                                                           (1,623,571)                  (666,761)
                                                                                                            -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                       
                                                                                                            -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Other comprehensive income/(loss) for the period, net of tax                                                                   $          (1,599,200)                        $            (645,841)
                                                                                                            -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Total comprehensive income for the period                                                                                      $            9,923,577                        $            9,388,545
                                                                                                            -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                                                                      
Total comprehensive income/(loss) for the period attributable to:
Shareholders of the Company                                                                                                    $            8,048,895                                                              $            7,266,728
Non-controlling interest                                                                                                       $            1,874,682                                                              $            2,121,817
                                                                                                                       
                                                                                                            -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
 
 
                                                                                                                                                                                                                                     Amira Nature Foods Ltd
 
                                                                                                                                                                                                                                     Condensed Consolidated Statements of Changes in Equity (unaudited)
 
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          (Amounts in USD)
                                                                                                                                                                                                                                                                                                                 -------------------- ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                                                             Other reserves                                                                                                                                                                                                           
---------------------------------------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                          Share                      Share                   Share-based                Reserve for                 Currency                   Cash flow                Restructuring                Retained                    Equity                     Equity                  Total equity
                                                                                                                                                                     capital                                                                             premium                                                                          compensation                                                                        available for                                                                        translation                                                                           hedging                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                                                             reserve                                                                         sale financial                                                                                                                                                                                                            Reserve                                                                            Earnings                                                                         attributable to                                                                     attributable to
                                                                                                                                                                                                                                                                                                                                                                                                                                 assets                                                                              Reserve                                                                             Reserve                                                                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  shareholders                                                                            non -
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     of the                                                                            controlling
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     Company                                                                            interest
---------------------------------------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Balance as at April 1, 2016 (Audited)                                                                                                                       $                9,301                                                                          85,114,755                                                                           5,887,470                                       (9,728)                                  (26,489,384)                                             -                                     9,398,927                                                                         142,297,177                                                              $          216,208,518                                    33,513,248                        $          249,721,766
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
Issue of shares (Note 5)                                                                                                                                                       503                                                                           3,688,780                                                                         (3,689,283)                                                                                   -                                                                                   -                                                                                   -                                                                                   -                                                                                   -                                                                                   -                                                                                   -                                                                                   -
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
Share based compensation                                                                                                                                                         -                                                                                   -                                                                           3,647,994                                                                                   -                                                                                   -                                                                                   -                                                                                   -                                                                                   -                                                              $            3,647,994                                                                                   -                                                              $            3,647,994
(Note 6)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
Transactions with Owner - Loan repayment (Note 4.1)                                                                                                                            417                                                                           2,999,583                                                                                   -                                                                                   -                                                                                   -                                                                                   -                                                                                   -                                                                                   -                                                                           3,000,000                                                                                   -                                                                           3,000,000
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
Profit after tax for the period                                                                                                                                                  -                                                                                   -                                                                                   -                                                                                   -                                                                                   -                                                                                   -                                                                                   -                                                                           7,787,664                                                              $            7,787,664                                                                           2,246,722                                                              $           10,034,386
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
Other comprehensive income /(loss) for the period                                                                                                                                -                                                                                   -                                                                                   -                                                                              16,873                                                                           (537,809)                                                                                   -                                                                                   -                                                                                   -                                                              $            (520,936)                                                                           (124,905)                                                              $            (645,841)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
Total comprehensive income/(loss) for the period                                                                                                            $                    -                                                              $                    -                                                              $                    -                                                              $               16,873                                                              $            (537,809)                                                              $                    -                                                              $                    -                                                              $            7,787,664                                                              $            7,266,728                                                              $            2,121,817                                                              $            9,388,545
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
Balance as at September 30, 2016 (Unaudited)                                                                          $               10,221                        $           91,803,118                        $            5,846,181                        $                7,145                        $         (27,027,193)                        $                    -                        $            9,398,927                        $          150,084,840                        $          230,123,240                        $           35,635,065                        $          265,758,305
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---------------------------------------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Balance as at April 1, 2017 (Audited)                                                                                                                       $               11,952                                                                         102,788,560                                                                           5,973,642                                                                              14,129                                                                        (23,128,667)                                                                                   -                                                                           9,398,927                                                                         167,424,244                                                                         262,482,787                                                                          40,741,634                                                                         303,224,421
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
Issue of shares (Note 5)                                                                                                   

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