JSE-listed speciality chemicals supplier Spanjaard’s profit plunged in the year to end-February, but it said it was poised to develop new market opportunities.The company reported a net loss per share of 54.1c for the period, a 924.1% decrease from the prior period, as prices of its products fell and export volumes dropped.Revenue was more or less flat — at R118m from R120m — following a decision to cut prices in order to improve its competitiveness.Overall volume growth came in at 7.5%, but export volumes decreased to 16% of total revenue, from 23%. The company held a negative cash balance of R6.4m from the prior period’s negative R3m, but the company said its cash position, although tight, was "very well managed".The company also lost a contract with power stations in the prior period, which continued to weigh on its results.Gross profit fell to R41m from R46m. Administrative expenses declined but cost of sales increased. The company reported a headline loss of R4m.The financial p...

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