- IDT has posted a net profit of $1.12 million in 1H FY21.
- During the reported period, IDT continued to operate as an essential service throughout the Victorian lockdowns.
- IDT’s share price has closed flat at A$0.21 on 23 February 2021.
On 23 February 2021, IDT Australia Limited (ASX:IDT) released its earnings update for the half-year ended 31 December 2020. The revenue for the reported period was recorded at $5.81 million, which was down by $1.4 million from $7.21 million reported in the previous corresponding period (pcp).
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The net profit after tax stood at $1.12 million for the same period, compared to the net loss of $1.18 million reported in pcp. The result includes an adjustment of $1.90 million relating to an accrual reversal, without which the net loss for the reported period would have been $0.78 million. This also shows an improvement of $0.41 million over 1H FY20.
The reported cash at hand at the end of the reported period was $7.32 million, which was up by $0.46 million, recorded as of 30 June 2020. For 1H FY21, the net cash inflow stood at $0.46 million, which was significantly up from the net cash outflow of $2.78 million for the half-year ended 31 December 2019. Total receipts worth $6.83 million were included in the cash inflows.
COVID-19 Treatment and vaccine
During the reporting period, IDT continued to operate as an essential service throughout the Victorian lockdowns. The Company’s activities assisting the Federal Government in its initial COVID-19 response efforts announced in April 2020 were successfully completed in the half-year ended 31 December 2020.
In August 2020, IDT made a formal submission to the Federal Government’s COVID-19 Vaccine and Treatment Manufacture and Supply Chain Request for Information (RFI).
During the reported period, IDT has made good progress in advancing its medicinal cannabis manufacturing plan. IDT is also producing a range of cGMP finished dose form medicinal cannabis products suitable for domestic and export markets.
The Company’s stated goal is to continue establishing itself as a centre of excellence for GMP medicinal cannabis product manufacturing for a range of active pharmaceutical ingredients and finished dosage forms.
IDT’s share price has closed flat at A$0.21 on 23 February 2021. The stock has been moving in a range from the last three months and has delivered a return of 10.5 per cent. The one-year return stands at over 61 per cent.