MBAC Fertilizer Corp. announced its financial results for the three and six months ended June 30, 2015. Q2 2015 MBAC incurred a net loss of $12.8 million or $0.07 basic and diluted net loss per share in Q2 2015.
Article continues below
This compares to a net loss of $7.0 million or $0.04 basic and diluted net loss per share for Q2 2014.
The net loss was primarily due to finance expenses of approximately $6.9 million and Operations care and maintenance expenses of $5.4 million, which includes $5.0 million of depreciation expense.
Excluding foreign exchange impact, other non-cash items and non-recurring items, MBAC had an adjusted net loss(1) in Q2 2015 of $9.6 million or $0.05 adjusted basic and diluted net loss per share. This compares to an adjusted net loss of $8.0 million or $0.05 adjusted basic and diluted net loss per share in Q2 2014.
As at June 30, 2015, MBAC had cash and cash equivalents and restricted cash of $0.2 million. This compares to bank indebtedness of $1.6 million and restricted cash of $1.4 million as at December 31, 2014.
Six months ended June 30, 2015 MBAC incurred a net loss of $56.0 million or $0.31 basic and diluted net loss per share for the six months ended June 30, 2015. This compares to a net loss of $1.0 million or $0.01 basic and diluted net loss per share for the same period in 2014.
The net loss was primarily due to finance expenses of approximately $19.5 million, unrealized foreign exchange loss of $17.6 million and Operations care and maintenance expenses of $12.8 million, which includes $10.3 million of depreciation expense.
Excluding foreign exchange impact, other non-cash items and non-recurring items, MBAC had an adjusted net loss for the first half of 2015 of $35.9 million or $0.20 adjusted basic and diluted net loss per share.
This compares to an adjusted net loss of $13.4 million or $0.08 adjusted basic and diluted net loss per share for the first half of 2014. ■
A clipper system will move quickly across the northern Plains into the Midwest Friday and the Northeast by Saturday, bringing a wintry mix of rain and snow showers ahead of a sweeping cold front.