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Bid to make gold mining core business as profit falls 67%
By FELDA CHAY
26 May 2011
The Think Environmental Company (TTEC), whose shares have soared in recent months on its gold mining ventures, yesterday said it is looking to dispose its renewable energy business and turn gold mining into its core business.
To do this, it is looking to raise funds. ‘Such fund- raising may consist of a new issue of shares or bank financing,’ said TTEC.
The company has been trying to reinvent itself in the past few years. In late 2009, the office equipment maker went into renewable energy, taking a controlling interest in UK-based waste- to-energy firm Think Greenergy Ltd (TGE). The plan was to turn green energy into its core business.
TGE said then that it aimed to build up to 20 waste-to-energy sites across the UK by 2012, with the first site targeted to be operational and revenue-generating by April 2010. These plans, however, did not materialise.
The group, which reported its fiscal year 2011 results yesterday, still derives most of its earnings from its office equipment manufacturing business. In its financial statement, TTEC said it is in advanced discussions on the disposal of its green energy arms Think Environmental Ltd (TE) and TGE, but ‘no binding agreement has been signed’.
‘The company expects the discussions to conclude very soon,’ it added. ‘In the event the company is successful in disposing of its interests in TE and TGE, the board intends to seek approval from the company in a general meeting for a change of the core business of the company. The proposed change of core business relates to the latest industry that the company has ventured into.’
TTEC went into gold mining last December. In April, it unveiled plans to invest US$30-45 million over 12 months in its new business. Targets it set include a production level of 3,000 ounces of gold per month by next March. It also plans to increase its ownership of artisanal mines to 12-20 by March 2013, and secure 20 concessions by next March.
The mainboard-listed firm has so far secured 10 concessions and nine small-scale gold mines.
Yesterday, the group reported a 67.1 per cent fall in net profit on higher raw material and staff costs for FY 2011. Earnings for the full year ended March 31 dropped to $938,000 from the preceding year’s $2.9 million, bringing earnings per share to 0.13 cent, compared with 0.4 cent last year.
Revenue for the 12 months rose 21.5 per cent to $87.9 million. As at March 31, the group held cash and cash equivalents of $16.2 million, compared with $14 million a year ago. Net asset value per share was 6.99 cents, up from 6.92 cents last year.
TTEC’s shares rose half a cent, to 81 cents yesterday. They have risen 42.1 per cent since TTEC first announced its gold mining plans last Dec 6.