Press Releases 2013

Interim results for the six months ended 30 June 2013

Details

Published: Friday, 27 September 2013 11:11

Rurelec PLC (AIM: RUR), the owner, operator and developer of power generation capacity internationally, today announces its unaudited interim results for the six months ended 30 June 2013.

Financial Highlights: 

• Turnover £6.1 million (30.6.2012: £6.9 million)
• Gross Profit £2.7 million (30.6.2012: £2.6 million)
• Post tax loss £0.2 million (30.6.2012: £0.1 million loss)
• Loss per share 0.05 pence loss (30.6.2012: 0.03 pence loss)
• Net asset value per share 17 pence (30.6.2012: 20 pence)

Operational and Post Half-Year Highlights:

• Assets in Argentina performing well and trading profitably before non-operational unrealised foreign exchange adjustments;
• Final hearing in the arbitration against Bolivia took place in April and a decision on compensation is due by the end of 2013;
• EIA Approval for Central IIlapa a 255 MW plant which is now 100 per cent owned by Rurelec;
• Issue of 132.5m new shares to fund acquisition of turbines and the Independent Power
  Corporation PLC;
• Financial closure of Canchayllo Hydroelectric
• Announces intention to list in Santiago and appoints BICE as advisors
• Granted exclusive right for 120 MW gas-fired plant in Peru
• Plans to convert Arica Power Plant from diesel to propane or liquid gas
• Acquires Cascade Hydro Limited

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

"Our arbitration process against Bolivia came to an end in April and we are now waiting for the verdict and award of compensation, which is due to be announced by the end of 2013. In the meantime, we have continued to add capacity to our portfolio with two Chilean plants about to start construction and, one Peruvian hydro plant which is on track to begin commercial operation in the first quarter of 2014.

"We are proceeding with a secondary listing in Santiago which is expected to go live before the year end. This will give Chilean funds the opportunity to invest in a truly Anglo-Chilean company while alsoimproving the liquidity of our stock."

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