Phoslock Environmental Technologies (ASX:PET) declared that its China business has remained resilient amid COVID-19 crisis, in its quarterly update. However, the commencement date of many of its international projects has been delayed due to the pandemic.
The company stated that its revenue guidance is unchanged maintaining strong balance sheet through $20 million new funding.
Financial metrics for Q1 of 2020 show:
- Receipts from customers and government grants stood at $2.8 million.
- Operating costs at $3.7 million while manufacturing costs including raw-material procurement were $5.3 million.
Phoslock estimates that its current project pipeline is valued at $380 million and will have Net assets in excess of $50 million that will comprise liquid assets of cash, receivables and inventories. It expects 6 Chinese and over 40 international projects until 2023.