Phoslock Performs Strongly in Q1 Amid COVID-19

  • April 30, 2020 12:49 PM AEST
  • Team Kalkine

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.

Gold MTF non-AMP

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.


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