Donaco reclassifies $100 million Mega Bank loan

Australian-listed Donaco International Limited has reclassified a US$100 million loan from Mega Bank of Taiwan, which was previously classified as a current liability, according to a filing on Mar. 8.

The operator said the classification was overly conservative, as “only some of the principal amount – not all of it – is repayable within the next 12 months.”

As at Dec. 31, 2015,the amount payable within 12 months was $25 million, consisting of $10 million payable on Jan. 1, 2016 (which is now paid) and $15 million payable on Jul. 1, 2016. There is a further $15 million payable on Jan. 1, 2017.

The Donaco board has decided to formally re-issue the Dec. 2015 half year accounts with the loan reclassified into the correct current and noncurrent portions.

On Feb. 24, Donaco reported a 230 percent increase in net profit after tax at A$13.4 million (US$9.6 million) for the half year ended Dec. 31, 2015, compared to A$4.1 million for the same period in 2014.

 Operating revenue went up 430 percent to A$69.8 million for the second half of the year, compared to A$13.2 million in 2014.