Energem Second Quarter Financial Results to June 30, 2008



    TSX/AIM: ENM

    VANCOUVER, Aug. 14 /CNW/ - Energem Resources Inc ("Energem" or "the
Company") today released its financial results for its second quarter ended
June 30th, 2008.

    
    Highlights:

    -   The Company has traded profitably in the six months to June 30th,
        2008 with results improved over the same period last year.

    -   Included in other income in 2008 is a capital gain of US$27.2 million
        arising on the disposal of a portion of the Company's interest in its
        Nigerian fuel storage and distribution facility.

    -   Balance sheet significantly strengthened as a result of the above
        sale, which provided cash proceeds and an enhanced valuation for the
        Company's remaining interest in the facility.

    -   Continued focus on further development of Energem's bio-fuels and
        hydro-electric projects through:

        -  acquisition of 40% interest in Stieglers Gorge Hydro-Electric
           project in Tanzania announced on 21 May 2008;

        -  continued development of Company's 70 per cent. owned jatropha
           based bio-fuel activities in Mozambique. Energem is actively
           pursing additional land both in Mozambique and other African
           countries; and

        -  significantly improved operating performance of the Kisumu ethanol
           plant in Kenya after political unrest in Q1 2008.

    Results for the quarter are summarised as follows:

    (In thousands of US Dollars except share and per share information)

                                       Quarters ended       Six months ended
                                           June 30               June 30
                                       2008       2007       2008       2007
                                      $'000      $'000      $'000      $'000
    -------------------------------------------------------------------------
    Revenue - sales                  11,902     11,951     32,687     26,599
    -------------------------------------------------------------------------
    Profit/(loss) before other
     income                             357     (3,877)     6,089     (2,808)
    -------------------------------------------------------------------------
    Other income /(expenses)         25,757     (2,746)    26,829     (8,921)
    -------------------------------------------------------------------------
    Net earnings/(loss) for the
     period                          24,737     (7,327)    25,720    (15,292)
    -------------------------------------------------------------------------
    Earnings/(loss) per
     share - basic                   $ 0.14    $ (0.04)   $ 15.00    $ (0.09)
           - diluted                 $ 0.11    $ (0.04)   $ 12.00    $ (0.09)
    Based on weighted average number of shares in issue.
    -------------------------------------------------------------------------
    Shares in issue ('000)                                175,288    174,883
    -------------------------------------------------------------------------
    

    Commenting on the results, Energem CEO Jimmy Kanakakis said: "We are
delighted to record significant profit following the deal with Glencore,
disposing of part of Energem's Nigerian oil storage and distribution facility
and are also pleased with the progress we are making in our bio-fuels and
hydro-electric projects and we look forward to continuing this success whilst
looking for other outstanding opportunities in Africa".
    Interim consolidated financial statements and management's discussion and
analysis for the quarter ended June 30th, 2008 are available on SEDAR at
www.sedar.com under the Company symbol "ENM" and on the Company's website,
www.energem.com.

    About Energem:

    Energem Resources Inc (TSX/AIM:ENM). is an Africa focussed company listed
on the Toronto Stock Exchange and on the London Stock Exchange's AIM market
and the holding company of a group of companies engaged in, mainly, several
African countries in the bio-fuels, oil and related sectors including
logistics and supply to the mining industry in South and Central Africa and
development of an up-stream oil exploration asset. The Company has offices
and/or logistics and support infrastructure in Johannesburg, London and a
number of African countries.

    %SEDAR: 00002462E




For further information:

For further information: Rob Rainey in Johannesburg at telephone +27 11
372-3300, Fax +27 11 454-1673 or email: info@energem.com, Refer to our
website: www.energem.com; Canaccord Adams Limited - Robert Finlay/Andrew
Chubb, +44 207 050 6500

Organization Profile

ENERGEM RESOURCES INC.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890