Australia“s soda-ash producer Penrice Soda Holdings reported at the end of April 2010 that full-year earnings are expected to be AUD 5-6 million, with negative cash flow of AUD 7-9 million, and not h…
Australia“s soda-ash producer Penrice Soda Holdings reported at the end of April 2010 that full-year earnings are expected to be AUD 5-6 million, with negative cash flow of AUD 7-9 million, and not higher than last year“s AUD 7.1 million, despite Penrice earning only AUD 2.4 million in the first half, as reaffirmed by chief executive Guy Roberts in early March. According to Roberts, orders from three glassmakers, which account for 70% of the company“s soda-ash production, suddenly dried up. Management also blamed lower sodium bicarbonate sales, the result of lower stockfeed demand following eastern seaboard rainfall. Penrice expects salvation from the recovery in housing starts and a general improvement in food and beverage demand.