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Summary
- 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).
Read More: IDT Announced the Initiation of Commercial-Scale GMP Extraction of Medicinal Cannabis Resin
Medical Cannabis
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.
Stock Performance
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.
