Feronia Inc. Reports Q2 2015 Results
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 08/28/15 -- Feronia Inc. ("Feronia" or the "Company") (TSX VENTURE: FRN) today released its financial results for the three and six months ended June 30, 2015. All amounts in this release are expressed in US dollars unless otherwise indicated.
Q2 2015 Highlights
Subsequent Events
Xavier de Carniere, Chief Executive Officer of Feronia Inc. commented:
"Since 2014, global commodity prices have largely been in decline. Oil prices are down 60%, copper and soya 30%, sugar 39%, coffee 20% and pork 50%. Palm oil is no exception with global prices down by approximately 50% in this period with prices now at their lowest level since the beginning of the last up-cycle in early 2009.
"Whilst the DRC palm oil market is slightly insulated from global price fluctuations, an influx of cheap imports from Angola due to the deterioration of Angola's currency has caused pricing pressure in the DRC. Additionally, as an organisation, we have faced tighter access to capital markets, political uncertainty surrounding upcoming elections and a number of other factors; all of which would discourage many.
"However, in these rough seas, we have continued to make considerable progress operationally. Our KPIs continue to improve, we have diversified our customer base by entering into sales contracts with two new refiners, we have made significant progress towards energy independence through the advancement of our fiber boiler project and we have made a strategic decision to advance a biofuel generation project which will provide extra diversification and, combined with our fiber boiler project, substantially reduce our dependence on high carbon footprint imported fossil fuels. At the same time we have progressed our Environmental and Social Action Plan and are seeing measurable positive changes on the ground.
"The progress we are making is down to the hard work and unwavering and precious dedication of our staff, management and two largest shareholders and I am confident that we will succeed in our collective aim of re-establishing a sustainable, profitable enterprise which has environmental and social best practices at its core."
About Feronia Inc.
Cautionary Notes
Except for statements of historical fact contained herein, the information in this press release constitutes "forward-looking information" within the meaning of Canadian securities law. Such forward-looking information may be identified by words such as "anticipates", "plans", "proposes", "estimates", "intends", "expects", "believes", "may" and "will". There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include, among others: risks related to foreign operations (including various political, economic and other risks and uncertainties), the interpretation and implementation of the "Loi Portant Principes Fondamentaux Relatifs A L'Agriculture", termination or non-renewal of concession rights or expropriation of property rights, political instability and bureaucracy, limited operating history, lack of profitability, lack of infrastructure in the DRC, high inflation rates, limited availability of debt financing in the DRC, fluctuations in currency exchange rates, competition from other businesses, reliance on various factors (including local labour, importation of machinery and other key items and business relationships), the Company's reliance on one major customer, lower productivity at the Company's plantations and arable farming operations, risks related to the agricultural industry (including adverse weather conditions, shifting weather patterns, and crop failure due to infestations), a shift in commodity trends and demands, vulnerability to fluctuations in the world market, the lack of availability of qualified management personnel and stock market volatility. Details of the risk factors relating to Feronia and its business are discussed under the heading "Risks and Uncertainties" in Feronia's Management's discussion and Analysis for the year ended December 31, 2014, a copy of which is available on the Company's SEDAR profile at . Most of these factors are outside the control of the Company. Investors are cautioned not to put undue reliance on forward-looking information. Except as otherwise required by applicable securities statutes or regulation, the Company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Feronia Inc.
Xavier de Carniere
Chief Executive Officer
44 (0)7468 697 658
Feronia Inc.
Paul Dulieu
Investor Relations Manager
44 (0)7554 521421
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Datum: 28.08.2015 - 12:55 Uhr
Sprache: Deutsch
News-ID 416566
Anzahl Zeichen: 0
contact information:
Town:
TORONTO, ONTARIO
Kategorie:
Farming
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