18 January 2016
Australian Renewable Fuels is coming off a difficult year
The nation’s only listed biodiesel producer, Australian Renewable Fuels (ARF), has been granted a stock exchange trading halt as the price of traditional fossil fuels continues to slide.
At this stage, the firm expects the trading halt to last until Wednesday, company secretary Mark Licciardo.
“The request is made to allow the company time to assess the impact of a significant change in trading conditions following a worldwide pricing event driven by the decline of the oil price,” Licciardo states.
The halt comes with the company already having admitted 2015 was a difficult year, one that saw it noting subsidised imports affecting domestic sales and the company forced to restructure its board and head office, move the head office to Barnawatha and undertake other cost reductions.
Against that, it recorded a net profit last financial year of $467,000 and had seen a major sales contract extended
ARF has three biodiesel plans, in Victoria’s Barnawatha, South Australia’s Largs Bay and Western Australia’s Picton and exports 80 per cent of the 500,000 tonnes of feedstocks a year.
The company has links with major trucking firms including Toll, Ron Finemore Transport, Border Express and Greenfreight.
Extracted in full from ATN.