Energy Mad Limited Half Year Result

Energy saving light bulb company Energy Mad Limited has released its unaudited results for the six months ended 30 September 2017. The results reflect the decision to conduct an orderly wind down of the business and sale of Energy Mad's residual assets. - Operating revenue of $538,917 for the six months ended 30 September 2017, was well down on the corresponding period in 2016 ($3,668,784). This reflects the disposal of inventory without replenishment. - Gross profit was a loss of $29,753 for the six months ended 30 September 2017 compared with a profit of $1,535,002 for the previous year. Inventory is being liquidated in a difficult market, with realisations net of holding costs marginally less than estimated as at 31 March 2017. - Administration and general expenses of $80,424 for the six months ended 30 September 2017 (2016: $1,227,488) are after the write back of $220,000 in exit costs provided for in the prior year. There are no remaining staff, with resources contracted on an as required basis, and the group's offices have now been closed. - Selling and distribution expenses stand at $164,670 for the six months ended 30 September 2017 (2016: $253,048), being primarily agency fees paid to Ecobulb Limited. - Net finance costs are $237,934 for the six months ended 30 September 2017 compared to $272,876 for the prior period. The reduction is due to the conversion of interest bearing convertible notes to shares in the previous year. - Cash generated from the sale of inventory and the realisation of receivables has been used to reduce outstanding payables and debtor factoring loans. Interest continues to accrue on term loans and convertible notes but remains unpaid. End CA:00310706 For:MAD Type:HALFYR Time:2017-11-21 15:22:52