Good News For Altech Chemicals: Long Wait Finally Paid Off

  • Oct 16, 2018 AEDT
  • Team Kalkine
Good News For Altech Chemicals: Long Wait Finally Paid Off

There is a moment of happiness for the investors in Altech Chemicals Ltd (ASX: ATC) as the company has announced a big news recently. The company came forward and announced that it has been granted the patent right in regard to producing the high purity alumina or HPA with the help of kaolin (aluminous clay). This patent has been given to the company from the Australian Patent Office. The top management of the company reflected positive views in regard to the grant of a patent. According to the managing director of the company, the journey towards this successful grant of the patent was not easy and was tiring. However, it seems like all the efforts and hard work have paid off. The company has been waiting for the patent for a long period of time.

Altech Chemicals kicked off the process in 2014 and hence, it took 4 years for the successful completion of the process. While commenting on the success of the company, the managing director stated that this would help the company for the protection of its HPA production process. With the help of this patent, the company would also be able to shield the technology which has been developed by them. There seems to be the need for this patent. The top management of the company stated that they have experienced that their process is being copied. The management stated that with the grant of the patent, it can now avail the benefits of the intellectual property rights and WRAYS would be helping them out. WRAYS is the company’s patent attorney. This patent covers 8 unique steps of the production method. 

The new players in the HPA industry would now have to be extremely careful in regard to the use of the similar process so that the breach of the intellectual property rights can be avoided.

A quick look at financials

In FY 2018 ended June 30, 2018 Altech Chemicals generated total income amounting to $87,067 which reflects the substantial fall on the YoY basis. In FY 2017 ended June 30, 2017, the company’s total income amounted to $100,870. This decline was witnessed primarily because of the decline in the other income. In FY 2018, there was no other income which the company was able to generate while in FY 2017, other income amounted to $20,000.

However, on the YoY basis, the company witnessed a rise in the interest income. In FY 2018, interest income stood at $87,067 while in the prior year it was $80,870. The company witnessed the net loss amounting to $4.5 million in FY 2018 from the continuing operations compared to $3.7 million in the prior year. In FY 2018, the company paid $2.3 million to the suppliers, employees as well as contractors. However, in FY 2017, these payments amounted to $2.6 million.

At the time of writing, the stock price of Altech Chemicals stood at A$0.115 per share and the market capitalization amounted to $68.71 million. The stock price has been trading in the lower range.

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