BQEBy The Canadian Press
VANCOUVER - BioteQ Environmental Technologies Inc.(TSX:BQE) says it had a $16.3-million net loss in the fourth quarter of2010 — resulting in an annual loss that's more than triple what thecompany suffered in 2009.
The Vancouver-based company, which provides technologyand services for cleaning waste water from industrial and miningoperations, said the loss was due to several unexpected events with itscustomers.
The loss for the three months ended Dec. 31 was equalto 24 cents per share. That compared with a year-earlier loss of$635,000 or two cents per share in the fourth quarter of 2009.
BioteQ ended 2010 with an annual loss of $16.5 million,or 24 cents per share, which compared with a 2009 annual loss of $4.7million or eight cents per share.
Annual revenue in 2010 was $8.7 million, including $1.5million in the fourth quarter. Annual revenue in 2009 was $6.4 million,including nearly $2 million in the fourth quarter of that year.
BioteQ said it was beset by several problems: anunexpected shutdown at the Bisbee operation in Arizona, which reducedcopper production; the default of NWM Mining on its lease obligationsfor the Lluvia de Oro site in Mexico; and the inability to finalize anagreement with Birla Mt. Gordon to resume water treatment operations atthe Mt Gordon site in Australia.
BioteQ also announced Monday that it has filed actionagainst Birla Mt. Gordon, a subsidiary of Aditya Birla Minerals ofIndia, seeking damages. Birla had previously said it was suing BioteQ,saying the Canadian company was in breach of contract.
BioteQ said it has recorded an impairment charge, netof expected insurance proceeds, of $7.5 million in its 2010 financialresults, to reflect the book value of the Australian plant.
source: https://ca.finance.yahoo.com/news/BioteQ-loss-soars-16-million-capress-3360767893.html?x=0