Kimberly Enterprises posts slightly wider first-half loss, casts doubt over future

17th Aug 2015 14:47

(ShareCast News) - Kimberly Enterprises posted a slightly wider first-half loss and said it continues to try to meets its obligations towards creditors.The pre-tax loss for the six months ended 30 June came in at €4.6m from €4.4m in the same period last year, as revenue fell to €71,000 from €130,000.Since January 2011, the AIM-listed Central and Eastern European property developer has been in breach of the obligation to make the lease payments for Marina Dorcol. As at 30 June of this year, Kimberly is in breach of €23.4m and since then, it has further breached its obligation to pay by an additional €100,000.It said it was unlikely that some of the projects related to the joint ventures will generate sufficient cash inflows to repay all obligations when they fall due.In order to manage its financial situation, Kimberly received several bridge loans for a total amount of €304,000 from Engel Resources and Development Ltd. It also sold several assets in Poland, Czech Republic and Canada.The group said that as at 30 June, it had current liabilities of €56,633, which exceeds its current assets amounting of €817,000 thousands and negative equity of €35,840. "Management believes that the above mentioned conditions indicate the existence of material uncertainties which cast significant doubt on the group's ability to continue as a going concern."At 1504 BST, Kimberly shares were down 40% at 0.15p.