LONDON (Alliance News) - Greka Engineering & Technology Ltd Tuesday said its pretax loss widened in 2013 as revenues fell at its infrastructure services and gas equipment sales divisions, despite an increase in customers.
The company was formerly part of Green Dragon Gas Ltd's operations, but it de-merged from the company and was admitted to AIM in September 2013. It is an engineering and technology business with pipeline, gas compression and power generation assets in China.
The company said its pretax loss widened to USD1.9 million from USD1.3 million the previous year as revenues fell 29% to USD3.7 million from USD5.2 million.
Greka Engineering said that its most noticeable fall in sales was at its infrastructure services division, which saw a 48% fall to USD1.4 million from USD2.7 million, but revenue at its gas equipment sales division also fell to USD2.4 million from USD2.6 million in 2012.
The company said its gas station refueling equipment sales increased to 136 dispensers from 101, but wellhead compressors sales fell to 3 compressors from 7. Supervisory Control and Data Acquisition hardware and software sales fell to 2 from 12.
However, the company said it now has a total of 107 customers in China, and its processed gas for sale increased 84% to 1.04 billion cubic feet of gas, and it completed its first 10.71 gigawatt hours of power sales.
Greka Engineering said it had cash and bank deposits totalling USD3.5 million at December 31.
"Since the demerger, the company has focused on establishing itself as an independent operator and on technology integration, resource optimization and productivity enhancements," Chairman Randeep Grewal said in a statement.
Greka Engineering shares were down 16% to 3.45 pence on Tuesday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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