By NZPA
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Wednesday 5th March 2003 |
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The result for the six months ended December was better than the previous year's $379,000, despite a 30 percent drop in revenue to $137,000.
Pure NZ had put up for sale its processing company Tasman Extracts, which it hoped to sell in the second half of the financial year, directors said today.
"The company is looking to complete the difficult restructuring phase that was initiated last year which will see the majority of the remaining debt converted into capital, improve the performance of Tasman Extracts and further the development of the various new technologies within the group.
"The directors are now working on making the company debt free and are assessing further investment possibilities."
The result did not include the six months' trading by Reynolds Environmental Engineering Co (Reeco), the 55 percent Colorado-based subsidiary acquired in April. Reeco was included in the results as an investment at cost, rather than a subsidiary.
The cost for 55 percent of Reeco was $1.5 million.
Pure NZ shares last traded on February 20 at 6c, compared with a year high of 12.9c and a low of 3.6c.
The company will not pay a dividend.
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