Press Releases 2011

Half Yearly Report - Interim Results for the Six Months Ended 30 June 2011

Details

Published: Thursday, 08 September 2011 10:57

Rurelec PLC ("Rurelec" or "the Company"; AIM: RUR), the electricity 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 2011.

Financial Highlights:

• Turnover £7.2m (2010: £4.7m)
• Gross Profit £3.3m (2010: £1.4m)
• Post tax loss £(0.6)m (2010: £17.4m profit)
• Loss from continuing operations £(0.6)m (2010: £0.9m profit)
• Earnings per share 0.18p loss (2010: 0.42p profit)
• Net asset value per share 20p (2010: 31p)

Operational Highlights:

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

Peter Earl, Rurelec's Chief Executive, said:

"I am delighted to present to our shareholders clear evidence that the tide has finally turned for Rurelec. We are now looking to reap the benefits of the pain which we have gone through in recent years to bring our Energia del Sur (EdS) plant to maximum output and strong generation of cash flow and profits. The board is focused on generating maximum shareholder value from EdS and evaluating growth opportunities, however we will not lose sight of the need to obtain maximum compensation for our assets in Bolivia.

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