Welcome!

News Feed Item

Feronia Inc. Reports Q1 2014 Results

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
    of:
    --  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,
    2014
--  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

Subsequent Events


--  1,359 ha of oil palm had been replanted in the year to date as at May
    28, 2013

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.

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 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.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
19th Cloud Expo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterpri...
Kubernetes, Docker and containers are changing the world, and how companies are deploying their software and running their infrastructure. With the shift in how applications are built and deployed, new challenges must be solved. In his session at @DevOpsSummit at19th Cloud Expo, Sebastian Scheele, co-founder of Loodse, will discuss the implications of containerized applications/infrastructures and their impact on the enterprise. In a real world example based on Kubernetes, he will show how to ...
Personalization has long been the holy grail of marketing. Simply stated, communicate the most relevant offer to the right person and you will increase sales. To achieve this, you must understand the individual. Consequently, digital marketers developed many ways to gather and leverage customer information to deliver targeted experiences. In his session at @ThingsExpo, Lou Casal, Founder and Principal Consultant at Practicala, discussed how the Internet of Things (IoT) has accelerated our abil...
With so much going on in this space you could be forgiven for thinking you were always working with yesterday’s technologies. So much change, so quickly. What do you do if you have to build a solution from the ground up that is expected to live in the field for at least 5-10 years? This is the challenge we faced when we looked to refresh our existing 10-year-old custom hardware stack to measure the fullness of trash cans and compactors.
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...
The emerging Internet of Everything creates tremendous new opportunities for customer engagement and business model innovation. However, enterprises must overcome a number of critical challenges to bring these new solutions to market. In his session at @ThingsExpo, Michael Martin, CTO/CIO at nfrastructure, outlined these key challenges and recommended approaches for overcoming them to achieve speed and agility in the design, development and implementation of Internet of Everything solutions wi...
DevOps at Cloud Expo, taking place Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long dev...
Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is expected in the amount of information being processed, managed, analyzed, and acted upon by enterprise IT. This amazing is not part of some distant future - it is happening today. One report shows a 650% increase in enterprise data by 2020. Other estimates are even higher....
I wanted to gather all of my Internet of Things (IOT) blogs into a single blog (that I could later use with my University of San Francisco (USF) Big Data “MBA” course). However as I started to pull these blogs together, I realized that my IOT discussion lacked a vision; it lacked an end point towards which an organization could drive their IOT envisioning, proof of value, app dev, data engineering and data science efforts. And I think that the IOT end point is really quite simple…
Aspose.Total for .NET is the most complete package of all file format APIs for .NET as offered by Aspose. It empowers developers to create, edit, render, print and convert between a wide range of popular document formats within any .NET, C#, ASP.NET and VB.NET applications. Aspose compiles all .NET APIs on a daily basis to ensure that it contains the most up to date versions of each of Aspose .NET APIs. If a new .NET API or a new version of existing APIs is released during the subscription peri...
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
Identity is in everything and customers are looking to their providers to ensure the security of their identities, transactions and data. With the increased reliance on cloud-based services, service providers must build security and trust into their offerings, adding value to customers and improving the user experience. Making identity, security and privacy easy for customers provides a unique advantage over the competition.
Qosmos has announced new milestones in the detection of encrypted traffic and in protocol signature coverage. Qosmos latest software can accurately classify traffic encrypted with SSL/TLS (e.g., Google, Facebook, WhatsApp), P2P traffic (e.g., BitTorrent, MuTorrent, Vuze), and Skype, while preserving the privacy of communication content. These new classification techniques mean that traffic optimization, policy enforcement, and user experience are largely unaffected by encryption. In respect wit...
Using new techniques of information modeling, indexing, and processing, new cloud-based systems can support cloud-based workloads previously not possible for high-throughput insurance, banking, and case-based applications. In his session at 18th Cloud Expo, John Newton, CTO, Founder and Chairman of Alfresco, described how to scale cloud-based content management repositories to store, manage, and retrieve billions of documents and related information with fast and linear scalability. He addres...
Is the ongoing quest for agility in the data center forcing you to evaluate how to be a part of infrastructure automation efforts? As organizations evolve toward bimodal IT operations, they are embracing new service delivery models and leveraging virtualization to increase infrastructure agility. Therefore, the network must evolve in parallel to become equally agile. Read this essential piece of Gartner research for recommendations on achieving greater agility.