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Alternative fuel group Quadrise Fuels International booked a full-year loss as it continued to prove up its technology.
Pre-tax losses for the year though June amounted to $4.4 million, compared to year-on-year losses of $5.0 million.
The company said it had made substantial progress across its project portfolio and accelerated development of low-carbon product bioMSAR despite significant challenges posed by the Covid-19 pandemic.
Quadrise also announced that chairman Mike Kirk would stand down following its annual general meeting in November.
Currently director Laurie Mutch would take over as interim chairman from that time until a new chairman was in place.