Bio-Dynamic Group warns of increased loss
Partly to blame was the temporary suspension of the Group’s ethanol production facility.
The board of directors of Bio-Dynamic Group Limited announced that the expected results of the Group for the year ended 31 December 2012 may show a substantial increase in loss as compared to last year.
The increase in loss was mainly due to the following:
- the increase in loss of the Group’s ethanol business resulting from the temporary suspension of the Group’s ethanol production facility from February 2012 to October 2012;
- and impairment of certain intangible assets and property, plant and equipment as the present value of the future cash flows expected to be derived from these assets based on their existing use may be less than their carrying value.
The announcement was based on a preliminary assessment of the unaudited management accounts of the Group as at 31 December 2012, which will be subject to the final review procedures of the company and its auditors.