Press Releases 2012

Unaudited Preliminary Results for year ended 31 December 2011

Details

Published: Thursday, 31 May 2012 11:23

Rurelec PLC (AIM: RUR), the electricity utility focused on the development of power generation capacity and rural electrification projects in Latin America, announces its unaudited results for the year ended 31 December 2011. The annual report will be posted to shareholders on 6 June 2012.

Highlights

• Focus on increasing capacity following the successful fundraising of £18.0 million
• Profit before tax from continuing operations £1.9 million (2010: £0.1 million)
• Revenues increased 25 per cent. to £13.5 million (2010: £10.8 million)
• Group borrowings of £1.7 million (2010: £13.7 million)
• Guaracachi has been independently valued at US$142.3 million as the claim in the arbitration proceedings against Bolivia is lodged
• Expansion into Peru and Chile
• Earnings per share 0.47p (2010: loss 0.06p)
• Net Asset Value per share 20.41p (2010: 31.38p)

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

"This year we have expanded into Peru and Chile, replacing some of the generating capacity lost through the Bolivian nationalisation in 2010. At last we are looking to a future of growth and liquidity for Rurelec and I will welcome the day on which I can also announce a return to the payment of dividends from ordinary activities as the dramas of the world events finally subside."

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