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Rurelec swings to first-half loss
30th Aug 2019 10:23
(Sharecast News) - Rurelec said on Friday that it swung to an interim loss as the first half of last year included a one-off gain on the sale of its Peruvian operations.
The AIM-listed owner, operator and developer of power generation capacity, said it swung to a pre-tax loss of £454m from a profit of £1.1m in the first half of 2018. It pointed out that the 2018 results included a £1.25m gain on the sale of the Peruvian operations completed in the first half of last year.
Net asset value per share slipped to 4.3p during the half from 4.7p.
On the plus side, Rurelec said it had seen a significant improvement in cashflow, with net cash inflow before repaying term loans up to £1.06m from £0.24m. It also highlighted a "significant" reduction in current liabilities from £2.41m to £0.92m due in part to a £1.37m reduction in borrowings.
Executive directors Simon Morris and Andy Coveney said: "The board continues to pursue measures to restore value to the company and its shareholders through prioritisation of receiving cash receipts from the power generation plant in Argentina, selling or developing its assets in Chile and reviewing options for its turbine assets, whilst pursuing cost savings at the head office in London."
The AIM-listed owner, operator and developer of power generation capacity, said it swung to a pre-tax loss of £454m from a profit of £1.1m in the first half of 2018. It pointed out that the 2018 results included a £1.25m gain on the sale of the Peruvian operations completed in the first half of last year.
Net asset value per share slipped to 4.3p during the half from 4.7p.
On the plus side, Rurelec said it had seen a significant improvement in cashflow, with net cash inflow before repaying term loans up to £1.06m from £0.24m. It also highlighted a "significant" reduction in current liabilities from £2.41m to £0.92m due in part to a £1.37m reduction in borrowings.
Executive directors Simon Morris and Andy Coveney said: "The board continues to pursue measures to restore value to the company and its shareholders through prioritisation of receiving cash receipts from the power generation plant in Argentina, selling or developing its assets in Chile and reviewing options for its turbine assets, whilst pursuing cost savings at the head office in London."