Banana tree furniture maker Papyrus still isn’t making any money
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Banana tree furniture maker Papyrus still isn’t making any money despite telling the ASX in March that its Egyptian factory was “expected to move to full production during 2018 fiscal year”.
Papyrus (ASX:PPY) reported negative $4000 in customer receipts for the quarter — and nothing else for the year.
The business — which makes wood veneer products out of banana trees — burned $18,000 cash for the quarter, leaving $43,000 in the kitty plus a $500,000 loan facility provided by its managing director and founder Ramy Azer.
Papyrus plans to spend $21,000 this quarter.
After a query from the ASX in March, Papyrus said in an ASX announcement it expected its Egyptian factory to move to full production by now.
Papyrus has been working on turning banana trees into paper, packaging, furniture and even building materials since 1995 when Mr Azer came up with the idea.
Papyrus listed on the ASX back in 2005. Its shares traded as high as 91c in 2007 after it won a patent for technology that converted banana trunk fibre into banana ply — but commerical success has been elusive.
Late last year Papyrus appointed a new managing director to succeed Mr Azer, but he left after six weeks citing “irreconcilable differences”.