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Phoslock Reduced Its Revenue Guidance Amid Fear of Second Wave of COVID-19

  • June 16, 2020 12:24 PM AEST
  • Team Kalkine

The Board of Phoslock Environmental Technologies Limited (ASX:PET) declared that some projects can be postponed in order for governments to deal with more immediate health problems in case of new outbreaks. In its market update, PET:

Gold MTF non-AMP

  • Reduced its short-term revenue expectations for remaining 6 months of 2020
  • Predicted a revenue range of $30 -40 million, which can increase sales by roughly 40%
  • No change in the plans to increase production capacity
  • Plans to double the initial capacity of 20,000 tpa for building of new production facility

PET’s balance sheet remains robust with $35 million in cash and $16 million in receivables from primarily government bodies.

 


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