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D1 Oils posts reduced losses of £33.6m for 2008
Added 261 days ago - Annual results released by D1 Oils plc today (23rd June) show the company making a loss of £33.6 million for the year ending 31st December 2008. While down on last years loss of £46.1m, the loss is, nevertheless, significant coming as the comapny tries to negotiate a restructuring in it joint ventrue with BP. Despite the loss the company says it will remain cash positive until the end of 2010, however, it warns that if it is to progress beyond the it will need further investment.
Highlights from the year, says the company, include a potential new revenue stream from an animal feed programme, which it hopes will be in commercial operation by 2011, and the progress it has made in breeding and selection of jatropha plants for oil yield and content.
Commenting on the results, Brian Myerson, the D1 Oils' Chairman, said: "We remain committed to developing Jatropha, which remains the most attractive of the potential new oilseed crops. Our focus will be to capitalise on our established lead in planting and the plant science of the crop and associated technologies to demonstrate a value proposition."
Talks are underway with BP to dissolve its Jatropha joint venture and to bring the planting and plant science operations together under full D1 control. "Our discussions with BP to acquire its interest in the capital structure of D1-BP Fuel Crops for an interest in the long-term success of D1 Oils plc will allow us to consolidate our operations to focus on operational delivery and the effectiveness of our existing planting", explained D1's CEO Ben Good.
He continued: "Our activities will also focus on generating revenue through sales of products and services to the Jatropha industry and in the longer term by ensuring that our planting delivers an annuity to the business in terms of crude vegetable oil and high value co-product in the form of animal feed. We are forecast to remain cash positive to the end of 2010 when we expect to be able to demonstrate value based upon improved operational performance."
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