News Feed Item
Feronia Inc. Reports Q1 2014 Results
|By Marketwired .
|May 30, 2014 08:00 AM EDT
TORONTO, ONTARIO -- (Marketwired) -- 05/30/14 -- Feronia Inc. ("Feronia" or the "Company") (TSX VENTURE: FRN) today released its unaudited financial results for the three months ended March 31, 2014. All amounts in this release are expressed in US dollars unless otherwise indicated.
Q1 2014 Highlights
-- Produced 2,851 tonnes of Crude Palm Oil ("CPO") (Q1 2013: 1,764) from
15,405 tonnes of fruit (Q1 2013: 9,550 tonnes), a year-over-year
increase of 61.6%
-- Revenue of $1.6 million (Q1 2013: $1.2 million) including from the sale
-- 1,813 tonnes of CPO at an average price of $798 per tonne (Q1 2013:
1,517 tonnes at $674 per tonne)
-- 94 tonnes of Palm Kernel Oil ("PKO") at an average price of $1,188
per tonne (Q1 2013: 120 tonnes at $648 per tonne)
-- Commenced 2014 replanting target of 5,000 ha of oil palm on March 15,
-- Increase in oil extraction rate to 18.51% (Q1 2013: 18.47%)
-- Fresh fruit bunch ("FFB") yield of 1.6 tonnes per ha (Q1 2013: 1.6
tonnes per ha)
-- Continued ramp-up of production at new Yaligimba mill as harvesting and
evacuation are improved and the plantation rehabilitation is advanced
-- Harvested rice crop planted in October 2013 and achieved a yield of 2.6
tonnes of paddy rice per ha representing a 44% increase over the
planting harvested in March 2013
-- Planted 200 ha trial rice crop for harvest in June 2014
-- Net loss attributable to Feronia was $(3.8m) or $(0.01) per share,
compared to a loss of $(2.7m) or $(0.01) per share in Q1 2013
-- 1,359 ha of oil palm had been replanted in the year to date as at May
Ravi Sood, Chairman of Feronia Inc. commented: "The Company continued to make good progress across all key operating metrics during Q1 with the 61% year-over-year improvement in FFB production driven largely by 3,368 hectares of mature palms at Yaligimba becoming harvestable following the new mill's completion in Q4 2013.
"During the quarter there were significant improvements in yields, harvesting and evacuation although FFB yield per hectare remained flat year-on-year. This is a direct result of the rehabilitation of the Yaligimba plantation and 1,000 hectares of newly mature (and therefore currently low-yielding) palms coming into production during the period. We anticipate a significant improvement in realised yields from Yaligimba over the coming months and from our new plantings over the longer term.
"Whilst we still have substantial work remaining to optimise yields and oil production, we are confident that with our re-planting programme and rigorous ESG processes we are continuing to create shareholder value and doing so in the most environmentally and socially sustainable manner possible."
About Feronia Inc.
-- Feronia Inc. is a large-scale commercial farmland and plantation
operator in the Democratic Republic of the Congo ("DRC").
-- The Company uses modern agricultural practices to operate and develop
its oil palm plantations and arable farming business division.
-- Feronia believes in the immense agricultural potential of the DRC for
high-quality foodstuffs and edible oils given its ideal climate,
excellent soil and highly skilled and experienced workforce.
-- Feronia's management team is comprised of senior agriculturalists with
extensive experience in managing both plantations and large-scale
mechanized farming operations in emerging markets.
-- Feronia is committed to sustainable agriculture, environmental
protection and providing support for local communities.
-- For more information please see www.feronia.com.
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 annual Management's Discussion and Analysis for the year ended December 31, 2013, a copy of which is available on the Company's SEDAR profile at www.sedar.com. 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.
SYS-CON Events announced today that Linux Academy, the foremost online Linux and cloud training platform and community, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Linux Academy was founded on the belief that providing high-quality, in-depth training should be available at an affordable price. Industry leaders in quality training, provided services, and student certification passes, its goal is to c...
Feb. 23, 2017 04:15 AM EST Reads: 1,158
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value.
In his session at 20th Cloud Expo, Ed Featherston, director/senior enterprise architect at Collaborative Consulting, will discuss the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
Feb. 23, 2017 03:45 AM EST Reads: 3,762
With the proliferation of both SQL and NoSQL databases, organizations can now target specific fit-for-purpose database tools for their different application needs regarding scalability, ease of use, ACID support, etc. Platform as a Service offerings make this even easier now, enabling developers to roll out their own database infrastructure in minutes with minimal management overhead. However, this same amount of flexibility also comes with the challenges of picking the right tool, on the right ...
Feb. 23, 2017 03:45 AM EST Reads: 6,575
910Telecom exhibited at the 19th International Cloud Expo, which took place at the Santa Clara Convention Center in Santa Clara, CA, in November 2016. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and exchanges.
Feb. 23, 2017 03:00 AM EST Reads: 1,622
Cognitive Computing is becoming the foundation for a new generation of solutions that have the potential to transform business. Unlike traditional approaches to building solutions, a cognitive computing approach allows the data to help determine the way applications are designed. This contrasts with conventional software development that begins with defining logic based on the current way a business operates.
In her session at 18th Cloud Expo, Judith S. Hurwitz, President and CEO of Hurwitz & ...
Feb. 23, 2017 03:00 AM EST Reads: 1,859
China Unicom exhibit at the 19th International Cloud Expo, which took place at the Santa Clara Convention Center in Santa Clara, CA, in November 2016. China United Network Communications Group Co. Ltd ("China Unicom") was officially established in 2009 on the basis of the merger of former China Netcom and former China Unicom. China Unicom mainly operates a full range of telecommunications services including mobile broadband (GSM, WCDMA, LTE FDD, TD-LTE), fixed-line broadband, ICT, data communica...
Feb. 23, 2017 01:15 AM EST Reads: 1,103
Zerto exhibited at SYS-CON's 18th International Cloud Expo®, which took place at the Javits Center in New York City, NY, in June 2016.
Zerto is committed to keeping enterprise and cloud IT running 24/7 by providing innovative, simple, reliable and scalable business continuity software solutions. Through the Zerto Cloud Continuity Platform™, organizations can seamlessly move and protect virtualized workloads between public, private and hybrid clouds. The company’s flagship product, Zerto Virtual...
Feb. 23, 2017 12:45 AM EST Reads: 1,335
As businesses adopt functionalities in cloud computing, it’s imperative that IT operations consistently ensure cloud systems work correctly – all of the time, and to their best capabilities. In his session at @BigDataExpo, Bernd Harzog, CEO and founder of OpsDataStore, will present an industry answer to the common question, “Are you running IT operations as efficiently and as cost effectively as you need to?” He will expound on the industry issues he frequently came up against as an analyst, and...
Feb. 23, 2017 12:00 AM EST Reads: 1,703
All clouds are not equal. To succeed in a DevOps context, organizations should plan to develop/deploy apps across a choice of on-premise and public clouds simultaneously depending on the business needs. This is where the concept of the Lean Cloud comes in - resting on the idea that you often need to relocate your app modules over their life cycles for both innovation and operational efficiency in the cloud.
In his session at @DevOpsSummit at19th Cloud Expo, Valentin (Val) Bercovici, CTO of Soli...
Feb. 22, 2017 10:45 PM EST Reads: 675
"We're bringing out a new application monitoring system to the DevOps space. It manages large enterprise applications that are distributed throughout a node in many enterprises and we manage them as one collective," explained Kevin Barnes, President of eCube Systems, in this SYS-CON.tv interview at DevOps at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Feb. 22, 2017 09:45 PM EST Reads: 6,716
SYS-CON Events announced today that delaPlex will exhibit at SYS-CON's @CloudExpo, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. delaPlex pioneered Software Development as a Service (SDaaS), which provides scalable resources to build, test, and deploy software. It’s a fast and more reliable way to develop a new product or expand your in-house team.
Feb. 22, 2017 08:45 PM EST Reads: 1,411
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
Feb. 22, 2017 08:45 PM EST Reads: 1,340
SYS-CON Events announced today that CA Technologies has been named "Platinum Sponsor" of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, New York, and 21st International Cloud Expo, which will take place in November in Silicon Valley, California.
Feb. 22, 2017 08:45 PM EST Reads: 1,876
Extreme Computing is the ability to leverage highly performant infrastructure and software to accelerate Big Data, machine learning, HPC, and Enterprise applications. High IOPS Storage, low-latency networks, in-memory databases, GPUs and other parallel accelerators are being used to achieve faster results and help businesses make better decisions.
In his session at 18th Cloud Expo, Michael O'Neill, Strategic Business Development at NVIDIA, focused on some of the unique ways extreme computing is...
Feb. 22, 2017 07:45 PM EST Reads: 7,827
The explosion of new web/cloud/IoT-based applications and the data they generate are transforming our world right before our eyes. In this rush to adopt these new technologies, organizations are often ignoring fundamental questions concerning who owns the data and failing to ask for permission to conduct invasive surveillance of their customers. Organizations that are not transparent about how their systems gather data telemetry without offering shared data ownership risk product rejection, regu...
Feb. 22, 2017 07:30 PM EST Reads: 1,214