OTOC up on bullish update
UPDATE 1.15pm: Shares in OTOC firmed after the mine camp builder released an update on its balance sheet and operations.
The company said strong cashflow had boosted its cash reserves to $9 million at the end of December, up from $6.2 million at September 30 and had reduced its shareholder loans by $650,000 to $460,000.
Last month, the company announced a new finance facility of $8.2 million through Commonwealth Bank.
"Consistent with its stated strategy, OTOC continues to target new recurring revenue streams, with the aim of diversifying and enhancing the quality of its earnings," the company said in a statement.
OTOC said its town planning consultancy Whelans continued to present organic and external growth opportunities with geographical expansion being a strategic priority."Property development and government infrastructure continue to generate strong demand for surveying," the company said.
OTOC shares closed up 1.5 cents, or 15 per cent, at 11.5 cents.
