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SUREFIRE RESOURCES NL Interim / Quarterly Report 2004
65857_rns_2004-02-26_ea317cc8-fdf0-4dad-9210-01a2e3a1aa84.pdf
Interim / Quarterly Report
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GENESIS BIOMEDICAL LTD $(ACN 083 274 024)$
APPENDIX 4D
HALF YEAR REPORT ENDED 31ST DECEMBER 2003
| Consolidated | ||||
|---|---|---|---|---|
| SummaryInformation | 31-Dec-03$ | 31-Dec-02$ | Inc/(Dec)$ | Inc/(Dec)% |
| Revenue fromOrdinaryActivities | 109,731 | 1,660,771 | (1,551,040) | $(93.4%)$ |
| Profit/(Loss)after Tax fromOrdinaryActivities | (304, 095) | (1, 159, 189) | 855,094 | (73.8%) |
| NetProfit/(Loss)after TaxAttributable toMembers | (304, 095) | (1,049,793) | 745,698 | $(71.0%)$ |
| BasicEarnings -Cents PerShare | (0.4) | (1.38) | 0.98 | $(71.0%)$ |
| Net TangibleAssets -Cents PerShare | 1.57 | 4.2 | (2.63) | (62.6%) |
| DividendsPaid | Nil | Nil |
RESULTS FOR ANNOUNCEMENT TO THE MARKET
The six months to 31st December 2003 saw the Company continue the evaluation of its CellGen treatment in conjunction with the Pemex Hospital in Mexico City and the pursuit of additional commercial opportunities.
The CellGen therapy is being evaluated for both the stimulation of bone growth and healing of various fractures as well the treatment for osteoarthritis of the knee. Anecdotal evidence suggests that the trial is progressing well and the Board is hopeful that it will be able to release more conclusive results in the f* quarter of this year.
The Board continued to review various commercial opportunities throughout the six months and in November 2003 announced to the market that it had entered into a conditional Heads of Agreement to purchase the issued capital of Ensi-Med Manufacturing Pty Ltd, a company involved in the production of retractable safety syringes.
Whilst the Board was satisfied and encouraged by many aspects of Ensi-Med's product and operations there were certain conditions precedent associated with the proposed transaction that both parties were unable to reach agreement on and therefore in late January 2004 the Board resolved not to proceed with the transaction.
The Company continues to operate under a much reduced overhead structure which resulted in a loss after tax from ordinary activities for the six months to December 2003 of $304,095. This result included a $150,000 write down in the carrying value of the Company's investment in a Singaporean based musculoskeletal treatment clinic. The Company maintains a balance of approximately $1.4 million in cash and security deposits at the end of the six month period.
The Board is continuing to seek further commercial opportunities and will keep the market informed as and when such opportunities develop.
SIGNED in accordance with a resolution of the directors
Adam Davey Director
26th February 2004