Obtala Resources (LON:OBT) doubled interim revenues to £2.2mln as its timber business and agribusiness continued to expand.
The company made a pre-tax profit of £5.7mln compared to just £283,000 in 2014, thanks to an £8.6mln asset revaluation, there was an operating loss of £2.7mln.
The only blip was in Mozambique where timber operations started slowly as a result of the exceptional rainfall experienced in the region over the first 4 months of the year.
Francesco Scolaro, chairman, said: “We live in a challenging world generally and the first six months have been positive, productive and, even with all the hurdles, we remain confident of the success of the company.”
After the period, Obtala was awarded GLOBALG.A.P. certification for its agricultural operations in Tanzania.
Scolaro added this was a “key milestone” which could allow the company to export to the Middle East.