Armajaro Trading Group Reports $10.3 Million Loss for 2012Isis Almeida
Armajaro Trading Group Ltd., a London-based supplier of sugar, cocoa and coffee, reported a loss of $10.3 million for the year ended Sept. 30 as operating profit plunged, according to a filing to U.K. Companies House.
The company had a profit of $24.3 million in the 17 months ended Sept. 30, 2011, the filing submitted on June 6 showed. Armajaro, now led by Andrew Stone, chief executive officer, didn’t provide comparative figures for the year earlier. Operating profit amounted to $17.6 million compared with $84 million in the 17-month period, according to the filing. Richard Ryan, the former CEO, left Armajaro in September.
“The directors believe that the expected future returns from the company’s investments will be sufficient to meet all future obligations of the company,” according to the filing.
Brian Buckley, a spokesman for Armajaro’s public relation’s representative Brunswick Group LLP, declined to comment when contacted by phone from London today.
Armajaro sold $2.85 billion in commodities in the year ended Sept. 30, the filing showed. In the previous 17 months, commodity sales amounted to $3.77 billion. The company, which got a $55 million loan from the International Finance Corp., the World Bank’s private lending arm, in May 2012, had drawn down $30 million by Sept. 30, 2012, according to the filing.
The trader’s value-at-risk, the maximum daily amount the company estimated it could lose while maintaining a 95 percent level of confidence, amounted to an average $1.97 million, according to the filing. The company’s directors didn’t recommend a dividend.
Armajaro reported a profit of $15.4 million for the 12 months ended Sept. 30, 2011, according to a separate filing submitted to U.K. Companies House on Jan. 20, 2012. Operating profit for that period was $64.8 million, and sales $2.9 billion, the filing showed.