Phoslock Environmental Technologies Limited announced consolidated earnings results for the year ended December 31, 2019. For the period, the company reported sales revenue of AUD 24,536,398 against AUD 8,985,878 for the six months ended December 31, 2018. Operating profit was AUD 3,752,889 against AUD 1,600,182 for the six months ended December 31, 2018. Profit before income tax was AUD 3,651,375 against loss of AUD 143,040 for the six months ended December 31, 2018. Profit was AUD 2,698,582 or AUD 0.53 per basic and diluted share against loss of AUD 668,840 or AUD 0.14 per basic share and AUD 0.13 per diluted share for the six months ended December 31, 2018.

Sales for 2020 are forecast in the range of AUD 50-70 million, a doubling over last year. The bulk of these sales will come from carry-over work from 2019 and identified projects which the Company is confident will proceed in 2020. Some 70% of forecast sales will occur in the Yunnan alpine lakes area, an area largely unaffected by the Coronavirus.