For FY 2013, Chemco posted an improved operating performance following the restructuring of the company. The operating loss reduced by 83% to $153,256. 

Net gearing deteriorated to an untenable 194% from 118%. Cash generation remained strained although there was an improvement on the back of a better operating performance. 

The Auditors (Ernst & Young) issued a qualified audit opinion on the recognition of deferred tax assets by the Group on a basis that is not consistent with the requirements of IAS 12 as well as regarding the going concern. 

Management reports that the plans to delist Chemco are at an advanced stage and the whole exercise should be completed by April 2014.

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