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Metal-Tech managed to reduce the loss ratio in the first half

The company Metal-Tech Limited, a manufacturer of tungsten and molybdenum, and processing scrap of these metals, announced that its loss before tax for the first half amounted to $ 5.4 million compared with a loss of $ 7.2 million in the same period last year. Revenue rose in this period to $ 21.3 million (in 2009 — $ 20.4 million), despite the fact that only sold tungsten products. Operating costs decreased by 20% to $ 2.7 million (2009 — $ 3.4 million). Bank debt decreased as of June 30, 2010 to $ 26.2 million from $ 27.9 million as of June 30, 2009 Sales of Tungsten Metal-Tech increased by 83%, to $ 21.3 million (in first half of 2009 — $ 11.6 million), amid growing demand for the metal in major world markets.
The company also reported an increase in market share and expanding its customer base.

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