Fertilizer group Verde Agritech PLC (TSE:NPK, OTCQB:AMHPF) said it was looking at increasing sales and becoming more profitable as it declared commercial production at its first processing plant in Brazil.
The declaration was made as the company also unveiled its third-quarter results.
Verde is the maker of Super Greensand - a multi-nutritional fertilizer, which contains 70 elements and trace minerals, including potash, potassium, magnesium, manganese and plant-available silicon.
As at today, Verde has accepted binding orders for nearly 40,000 tonnes of Super Greensand, of which 9,000 tonnes were delivered during the third quarter.
These orders fulfilled in the quarter generated revenue of $666,000 and a gross profit of $265,000, the company said.
The net loss in the three months was $308,000, or $0.007 per share, during the quarter compared to a loss of $457,000, or $0.011 per share in the second quarter this year and $414,000, or $0.011 per share in the third quarter of 2017.
The company has $656,130 in cash, in addition to receipts of $821,104 due from customers.
For 2019, Verde plans to sell 200,000 tonnes of products and start construction of a new processing facility capable of a further 600,000 tonnes per year.
Last month, Verde announced its expansion plans to start the construction of a new processing facility capable of producing an added 600 thousand tonnes a year.
The company will continue the use of its existing plant to produce 200,000 tonnes per annum in parallel with the construction.
The total of 800,000 tonnes per annum capacity is expected to be reached in early 2020.
In July this year, Verde announced that it had been accepted as a member of Bonsucro, an international non-profit multi-stakeholder organization that promotes sustainable sugar cane production.
Earlier this month, the company announced the formation of a new free business-to-business (B2B) platform called Verde Marketplace, to sell food.
Farmers will be able to use the business to offer nutrient-rich, sustainably-produced food directly to interested corporate buyers, serving a growing portion of customers looking for such produce.
"As previously mentioned, the first 50,000 tonnes of sales would be the hardest," said Verde's president and chief executive Cristiano Veloso.
"We are overcoming that landmark. The market has rewarded our efforts by eagerly adopting Verde's products and spreading the word about its positive farming results.
"Here onwards our sales will only grow and become even more profitable on a per tonne basis. Above all, Verde is poised to expand relying mostly on growing sales and without the need to issue new equity."
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