Tricor PLC Half Yearly Report (8563I)
December 11 2015 - 11:07AM
UK Regulatory
TIDMTRIC
RNS Number : 8563I
Tricor PLC
11 December 2015
TRICOR PLC (the "Company")
Unaudited Interim Results for the six months ended 30 September
2015
CHAIRMAN'S STATEMENT
Introduction
Tricor Plc ("Tricor", the "Company" or "Group") is an AIM-listed
company which has made investments in Tricor Environmental Pte Ltd,
Tricor Minerals Pte Ltd, and Tricor Resources Trading Pte Ltd. Over
the 6 months ended 30 September 2015, the Group operating loss was
GBP365,000, compared with a loss of GBP1,016,000 for the comparable
period in FY2014.
Tricor Environmental Pte Ltd ("TEPL")
TEPL is still negotiating to secure new sand contracts. So far,
none have been concluded.
TEPL incurred a net loss of GBP163,250. The loss was mainly due
to the expenses incurred to maintain the equipment and site while
the management is trying to secure the sand contracts.
Tricor Minerals Pte Ltd ("TM")
TM, with the help of TEPL, continued to work on its applications
for the necessary permits to operate a plant in Bangan, however, it
is not certain that the necessary permits will be granted by the
authorities.
The net profit of TM for the period was GBP11,666. The profit
was mainly due to the unrealized foreign exchange gain.
As announced on 4 September 2015, Tricor and TM continue to
discuss with KGGD to reach an amicable resolution with regard to
the latter's threat to wind up TM.
Tricor Resources Trading Pte Ltd ("TRT")
TRT was set up to be a resources trading company and will only
commence business after TM starts producing iron sand.
TRT made a loss of GBP432 for the 6 months ended 30 September
2015.
Summary of the Consolidated Results
The Group did not generate any revenue in the 6-month period
ended 30 September 2015 (2014: GBP1,559,000) as its operational
subsidiaries are still in the midst of attempts to secure new sand
contracts.
During the period, the Group incurred a total of GBP378,000
administrative expenses (2014: GBP720,000). No finance cost was
incurred during the period (2014: GBP448,000)
The Company's cash balance at the end of the period was
GBP18,000, an increase of GBP15,000 from the position at 31 March
2015. This was mainly due to the drawdown of working capital
facility provided by Ellwood International Limited.
The Board is continuing discussions with other potential
investors to raise funds for the Company to ensure further working
capital is made available in the best interests of all
shareholders. In the longer term, and once the funding requirements
are secured, further investments will be sought in line with our
investing policy.
Update on VAT Claims
The Company has not had any further news from its lawyers since
the announcement of the Company's financial results on 4 September
2015.
Michael Roberts
Chairman
11 December 2015
Enquiries:
Tricor Plc:
Michael Roberts
Chairman
Chan Fook Meng
CEO
Tel: +65 6236 2985
Nominated Adviser and Broker:
Allenby Capital Ltd
Jeremy Porter
Nick Naylor
James Reeve
Tel: +44 (0) 20 7328 5656
TRICOR PLC
Consolidated Statement of Comprehensive Income
for the six months ended 30 September 2015
Six months Six months Year ended
to to
30 September 30 September 31 March
2015 2014 2015
Unaudited Unaudited Audited
GBP'000s GBP'000s GBP'000s
Turnover - 1,559 1,622
Cost of sales - (1,407) (1,597)
---------------- ---------------- ----------------
Gross Profit - 152 25
Administrative expenses (378) (720) (1,791)
Finance costs - (448) -
---------------- ---------------- ----------------
Operating Loss (378) (1,016) (1,766)
Other income 13 - 1,800
---------------- ---------------- ----------------
(Loss)/ Profit before
Tax (365) (1,016) 34
Income tax charges - - -
---------------- ---------------- ----------------
(Loss)/ Profit for the
period (365) (1,016) 34
---------------- ---------------- ----------------
Other comprehensive income
Items that may be reclassified subsequently
to profit or loss:
Foreign currency translation
differences 21 - (251)
---------------- ---------------- ----------------
Other comprehensive income,
net of tax 21 - (251)
---------------- ---------------- ----------------
Total comprehensive income
for the period
period (344) (1,016) (217)
(Loss)/Profit attributable
to:
Owners of the parent (368) (987) 301
Non-controlling interest 3 (29) (267)
---------------- ---------------- ----------------
(Loss)/ Profit for the
period (365) (1,016) 34
---------------- ---------------- ----------------
Total comprehensive income
attributable to:
Owners of the parent (330) (987) 71
Non-controlling interest (14) (29) (288)
---------------- ---------------- ----------------
(344) (1,016) (217)
(Loss)/Profit per share
From continuing operations:
- Basic earnings per share (0.24p) (0.77p) 2.3p
- Diluted earnings per
share (0.24p) (0.77p) 0.7p
TRICOR PLC
Consolidated Statement of Financial Position
as at 30 September 2015
30 September 30 September 31 March
2015 2014 2015
Unaudited Unaudited Audited
GBP'000s GBP'000s GBP'000s
(Restated)*
Assets
Non-current assets
Intangible assets - 108 -
Property, Plant
& Equipment 609 1,457 724
Non-current other -
receivables - 14
---------------- ---------------- ----------------
609 1,579 724
---------------- ---------------- ----------------
Current assets
Trade and other
receivables 1,012 4,988 1,012
Cash and cash
equivalents 18 2 3
---------------- ---------------- ----------------
1,030 4,990 1,015
Current liabilities
Trade and other
payables (2,177) (7,690) (2,109)
Non-interest bearing
loans (81) (102) (102)
---------------- ---------------- ----------------
Net current liabilities (1,228) (2,802) (1,196)
---------------- ---------------- ----------------
Non current liabilities
Interest bearing
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