Starsource Multitrade (506365) Q4 02/03 earnings summary

Executive summary

• Factory lockout continued throughout FY2002-03, in place since 28 Nov 1997; no manufacturing or trading activity, and leasing/licensing discussions for plant and machinery were underway.

• FY2002-03 net loss was Rs.863,221; accumulated loss carried forward reached Rs.24,796,882.

Financial highlights

• Income was Rs.904 versus Rs.274,749 in FY2001-02; expenses were Rs.510,419 versus Rs.7,631,827, including Rs.7,000,000 in trading-share stock expenditure in the prior year.

• Depreciation was Rs.353,706; loss before and after tax was Rs.863,221, with no tax provision shown.

• Cash and bank balances rose to Rs.237,022 from Rs.212,279; operating cash flow was Rs.299,743 versus an outflow of Rs.171,872.

Outlook and guidance

• Leasing or licensing part of the existing plant and machinery to chemical manufacturers was being explored; prospective manufacturers had been identified and negotiations were in progress.