Iofina revenues up after record sales

Iofina's revenues rose by 11% to $22.5m in the year to the end of December following record sales of both IOflo iodine and non-iodine derivatives.

But gross profits fell to $2.7m from $4.3m following a 20% drop in iodine prices.

The group booked an impairment expense of $0.5m for the Montana water depot project and pre-tax losses increased by 14% from $3.3m to $3.8m.

President and chief executive Dr. Thomas Becker said: "The board is pleased with the company's 2016 performance, which saw revenue increase 11%, record sales of IOflo iodine and record sales of non-iodine derivatives.

"During the year Iofina and its partners faced regulatory changes affecting brine disposals at Arbuckle disposal wells, and where practical, made improvements to our systems to provide as much iodide rich brine to our production facilities as possible.

"In a year where iodine prices continued to fall some iodine mines in Chile have now slowed production or closed altogether.

"Iofina is committed to controlling existing plant operational costs as well as looking to produce at new sites to expand production and reduce our overall production costs.

"Importantly, in 2016 Iofina successfully renegotiated and reissued the US$20m convertible debt and added a new US$10m debt facility.

"This will assist the group in executing its business objectives.

"The group remains on track to produce 215-230 MT of iodine in the first half of 2017."