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LONDON (Alliance News) - Berkeley Energia Ltd on Monday swung to a profit for the first six months of its financial year after reporting significant gains on fair value movements.
For the six months to the end of 2018, the clean energy firm posted pretax profit of USD61.3 million compared to a USD40.7 million loss in the comparative period a year ago.
Berkeley reported USD59.6 million gains on fair value movements on non-cash settled financial liabilities compared to USD24.9 million in similar losses a year ago.
The gains were made on the convertible note and unlisted options issued to SGRF, the firm explained. SGRF is the sovereign wealth fund of Oman. Berkeley signed an agreement in August 2017 for SGRF to invest up to USD120 million to help bring Berkeley's Salamanca uranium mine in Spain into production.
It added: "These financial liabilities increase or decrease in size as the share price of the company fluctuates. With the share price decreasing substantially during the half-year to December 31 2018, the size of financial liability has decreased materially resulting in a large fair value gain for the period."
Revenue meanwhile rose to USD1.1 million from USD140,000 while exploration costs were almost halved to USD4.0 million from USD7.8 million.
Berkeley Energia shares were trading down 3.6% at 22.65 pence each on Monday in London.