Feronia Inc. Reports Audited Financial and Operating Results for the Year Ended December 31, 2014
Net loss attributable to the company including the gain/loss on biological assets was $15.6 million or $0.28 per share, compared to a loss of $10.1 million or $0.33 per share in 2013. Net loss for the year ended December 31, 2014 of $20,267,000 was $7,402,000 higher than in 2013 of $12,865,000. Of this, $5,202,000 was due to the movement on the gain/loss on the biological assets, which in turn was largely driven by the fall in the three year average price of CPO used in the valuation model. The remainder was mainly due to an increased cost of sale of $6,027,000 offset by a $4,142,000 increase in revenues, both driven by a 59% increase in amount of CPO sold in the year, and the arable land impairment of $497,000. Net loss for the year excluding the gain/loss on biological assets of $18.6 million, an increase of $2.2 million, or 13%, compared to $16.4 million in 2013. Increase in revenue of 61% to $10.8 million compared to $6.7 million a year ago. Revenue including from the sale of 11,535 tonnes of CPO at an average price of $799 per tonne compared to 7,404 tonnes at $844 per tonne a year ago. PKO sales were $870,000 compared to $274,000 a year ago.