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:
- 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.