China New Energy narrows losses, shifts focus to emerging markets

26th Jun 2015 08:30

Investment company China New Energy narrowed its pre-tax loss last year, as it focused on emerging markets. The AIM-listed firm reduced its loss before tax by about 86% from RMB59.2m to RMB8.45m for the year ended 31 December 2014.China New Energy posted a basic loss per share of 0.242p, reduced from 1.847p the year before.The company had lifted its revenue by 29.5% from RMB44m to RMB57m, and said it was pleased to see recovery in the global ethanol market.Chairman Yu Weijen said over the last few years the industry faced many headwinds due to the global economy and due to the recent fall in oil prices."The management team of China New Energy has responded to this by focussing on emerging markets that benefit most from ethanol production including South East Asia, Eastern Europe and Africa," Yu said in a statement.Yu said he was optimistic about the company's prospects and said the company's new 24% equity stake in a Hungarian ethanol project would help generate recurring income.On Friday morning shares had fallen by 5.71% to 0.990p at 08:40.