Press Releases 2010

Half Yearly Report - Interim Results for the 6 months ended 30th June 2010

Details

Published: Wednesday, 29 September 2010 16:50

29 September 2010 

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 2010.

Financial Highlights:

• Post tax profit £17.4m (2009; loss of £3.4m)
• Profit from continuing operations £0.8m (2009, loss of £3.4m)
• Expected Compensation for nationalisation £47m
• Earnings per Share 0.42p (2009; loss of 2.99p)

Operational Highlights: 

• Progress being made towards arbitration process for compensation on nationalisation of assets in Bolivia
• Assets in Argentina performing well and trading profitably
 

Commenting on these results, Peter Earl, Rurelec's Chief Executive, said: "The administration of Evo Morales has given its word that fair compensation will be paid and we have no reason to doubt those promises."

"Looking to the future, we now have a relatively stable basis for our business in Argentina.  With the Resolution 220 contract now executed and with the enhanced cashflow resulting from the contract due to start flowing in the last quarter of this year, Rurelec can now look forward to releasing some of the cash tied up in Argentina through the long-awaited refinancing of the EdS plant."

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