Press Releases 2009

Interim results for the 6 months ended 30th June 2009

Details

Published: Thursday, 10 September 2009 11:52

10th September 2009

Rurelec PLC ("Rurelec" or "the Company"; AIM: RUR), the electric utility focused on the development of power generation capacity and rural electrification projects in Latin America, announces its unaudited interim results for the six months ended 30 June 2008.

Financial Highlights:

• Revenues increased by 50% to £18.5m (2008: £11.9m), an increase of 36% on like-for-like accounting basis.
• First half operating loss of £0.7m (2008: £1.3m profit).
• Placings of 119.6m new ordinary shares in aggregate completed in the first half year.
• Debt reduction at PLC level associated with disposal of 50% interest in Argentine subsidiary.
• Bolivian bond financing closed at $24m.

Operational Highlights:

• Record levels of generation in Bolivia and new, increased capacity prices effective from April.
• Argentine expansion project completed, with 60 MW of new capacity on line from May.
• New capacity and export initiative to Brazil underlines co-operation with Government of Bolivia.

Commenting on these results, Peter Earl, Rurelec's Chief Executive, said:

"Due to upheavals in the global economy, the Company has been concentrating on consolidating its cash position. With 60 MW of new capacity having entered commercial operations in Argentina during the first half and a further 100 MW of new capacity due to come online in Bolivia early 2010, we are looking forward to the enhanced revenue earning potential of the Group in the coming months."

For further information please contact:

In accordance with the AIM Rules, copies of the results are also available on the Company's website, www.rurelec.com

Download pdf of full RNS announcement