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Plantic Tech 2009 losses widen

Biodegradeable plastics outfit Plantic Technologies saw pre-tax losses widen to A$10.83m in the year ended December 2009 from A$8.95m last time.

Sales revenue dropped to A$1.01m from A$3.56m, primarily due to lower sales to the group's former partner DuPont and as a result of the difficult trading conditions.

'2009 was a difficult year for Plantic and many other companies in the plastics industry,' said chief executive Brendan Morris.

'However, proactive cost reductions and improved working capital helped significantly reduce the cash burn compared to 2008.'

'Conditions have improved and the appointment of Klöckner Pentaplast as our distributor of rigid sheet replacing DuPont and the launch of our new eco Plastic range is expected to see revenue and financial performance improve in 2010,' he added.

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