Penrice: Wine Sales Boost Soda Ash Producer

Adelaide-based Penrice Soda, Australia's only soda ash maker, is heading for earnings of over AUD 10M 05/06 after raising its FH-earnings five-fold to AUD 4.4M. Sales of soda ash to glass producers, driven by increased wine sales, pushed the company's sales revenue up 7% to AUD 65.6M for the half year to 31 Dec/2005. However, it said lower prices for sodium bicarbonate & a fall in limestone sales from lower demand in construction restrained revenue growth. An unplanned shutdown of Penrice's Osborne soda ash plant in July/05 also cost the company AUD 750,000. Penrice supplies 77% of the Australian market with soda ash. It raised AUD 80M before its ASX listing in July/05. A fully franked AUD 0.07 dividend is due to be paid on 5 April 2006