Iofina profitable as production jumps in May

3rd Jun 2014 10:23

Iodine producer Iofina enjoyed better production than it expected in May, 86% higher than its previous months' production, and was profitable for the month.Chairman Lance Baller said the iodine market continued to be challenging, but the company was benefitting from its low level inventory levels compared to other iodine producers, but saw near-record sales for the month "which demonstrates good demand for our products", he said.The company made profits for the period in terms of both earnings before interest, tax, depreciation and amortisation (EBITDA) and net profit, after it executed various operational efficiencies and cost controls after the leadership of the company was reshuffled."We still have much to accomplish in the coming months but already are starting to make progress," said Baller. "We have started a rotating preventative maintenance program for all IOSorb plants and cost-controls for capital projects, chemicals, labour, supplies, and utilities through means of a new Purchase Order system. We are looking forward to continued operational improvement and the addition of production from IO#5 and IO#6 in coming months."Iofina's IO#5 and IO#6 production plants come online in coming months, and will be managed carefully.Shares in Iofina were up 4.66% to 61.75p by 10:45 on Tuesday. OH