- Papyrus Australia's (PPY) share price has jumped up 80 per cent, one of the biggest gainers on the ASX today
- The jump coincides with the company releasing its preliminary full-year results, where it recorded $4599 in revenue
- However, the company ended FY20 with over $216,000 in losses and $28,000 in the bank
- Papyrus also ended the financial year cash-flow negative and with a total deficit of more than $76,000
- In the meantime, the jump in share price also coincides with United Pacific Equities (UPE) uptake of $30,000 worth of shares in the company
- UPE now has a 19.9 per cent stake in Papyrus Australia
- Shares in PPY are trading for 1.8 cents each at market close
Banana palm developer Papyrus Australia (PPY) has seen its share price jump up by 80 per cent, one of the biggest gainers on the ASX for today's session.
The jump coincides with Papyrus releasing its preliminary full-year results for the 2020 financial year.
The company also had shareholder United Pacific Equities (UPE) buy another $30,000 worth of shares in the company, bringing its stake to 19.9 per cent.
Papyrus ended FY20 having made $4599 in revenue for the entire year. Sadly, it's losses for the period far outweighed its revenue, totalling $216,479.
It also ended FY20 cashflow-negative, but did finish the financial year with over $28,000 cash in the bank.
Papyrus' net liabilities now total $76,820, well down on the more than $581,000 in deficit it had in FY19.
No dividend was paid to shareholders during the year ended June 30, 2020, nor have directors proposed a final dividend.
Despite the less-than-positive preliminary end of financial year results, shares in Papyrus shot up throughout today's session.
PPY's shares last closed priced at one cent each, on August 24, before opening at 1.2 cents each today.
Since the start of trade, the share price has increased even further, trading for 1.8 cents each at market close on August 25.