Energem - return to profitability - first quarter financial results to March 31, 2008
Thu May 15, 5:23 PMTSX/AIM: ENM
VANCOUVER, May 15 /CNW/ - Energem Resources Inc ("Energem" or "the Company") today released its financial results for its first quarter ended March 31st, 2008.
Highlights for the quarter:
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- The Company has achieved net earnings and generated cash from
operating activities;
- The Company's Jatropha based bio-diesel project has been progressed
with the allocation of the first 60,000 hectares of suitable land.
The Kisumu ethanol plant in Kenya traded profitably despite difficult
political conditions.
Subsequent event:
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On May 1, 2008 the Company disposed of a 20% interest in its Nigerian fuel storage and distribution asset to Glencore for $32.3 million, placing an effective gross value on this asset of $200 million and in which asset Energem retains a 30% interest.
Results for the quarter are summarised as follows:
Quarters ended
(In thousands of U.S. Dollars March 31, March 31,
- except share and per share 2008 2007
information) $'000 $'000
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Revenue - Sales 20,786 14,648
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Earnings/(loss) for the period 983 (10,520)
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Earnings/(loss) per share - (basic and
diluted - based on weighted average
number of shares in issue) $ 0.01 ($ 0.07)
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Number of Common Shares in Issue ('000) 175,288 174,988
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Interim consolidated financial statements and management's discussion and analysis for the quarter ended March 31st, 2008 are available on SEDAR at www.sedar.com under the Company symbol "ENM" and on the Company's website, www.energem.com.
Energem Resources Inc (TSX/AIM:ENM) is an Africa focussed company listed on the Toronto Stock Exchange and on the London Stock Exchange's AIM market and the holding company of a group of companies engaged in, mainly, several African countries in the bio-fuels, oil and related sectors including logistics and supply to the mining industry in South and Central Africa and development of an up-stream oil exploration asset. The Company has offices and/or logistics and support infrastructure in Johannesburg, London and a number of African countries.
This news release contains forward-looking statements which address future events and conditions which are subject to various risks and uncertainties. The actual results could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, some of which may be beyond the Company's control. These factors include: the availability of funds; the costs and availability of product; fluctuations in fuel product sale prices; currency fluctuations; changes in production costs; fluctuation in shipping costs; availability of shipping; general market and industry conditions; political and regulatory instability and risks associated with rights to title and ownership of assets.
Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
ContactsRob Rainey in Johannesburgat telephone +27 11 372-3300
Fax +27 11 454-1673
or email: info@energem.com Refer to our website: www.energem.com Canaccord Adams Limited
Robert Finlay
Andrew Chubb
+44 207 050 6500
535.02 (5.57%)
