LONDON (Alliance News) - Greka Engineering and Technology Ltd shares fell on Wednesday after it said gas production and sales both declined during 2014, slightly offset by an increase in electricity sales and by obtaining new customers, primarily in China.
Greka shares were down 23% to 1.35 pence per share on Wednesday morning.
For the year ended December 31, the company processed 1.16 billion cubic feet of gas, a 6% decrease from the 1.18 billion cubic feet produced in 2013. The company sold 978 million cubic feet of gas during 2014, a 9% fall from the 1.03 billion cubic feet sold in 2013.
For the second half of 2014, the company processed 568.5 million cubic feet of gas, down 7% from the 611.4 million cubic feet of gas processed a year earlier. Greka sold 500.2 million cubic feet of gas in the second half.
The company generated 13.9 million kilowatt hours of electricity during 2014. In the second half, the company generated 6.8 million kilowatt hours, down from the 7.4 million kilowatt hours produced a year earlier.
Electricity sales for the full year reached 10.9 million kilowatt hours, a 2% increase over the 10.7 million kilowatt hours sold in 2013. In the second half, electricity sales totalled 5.4 million kilowatt hours.
Sales of gas station refuelling equipment fell during 2014, to 123 items, a 9.6% decrease from the 136 items sold in 2013. Of the sales, 59 gas station refuelling items were sold in the second half of the year.
Greka said it has gained 43 new customers during the year, representing a 43% increase over the 30 new customers obtained in 2013. The company now has a total of 150 customers in China, which is a 40% increase over the 107 Chinese customers in 2013.
"It continues to be clear that Greka Engineering and Technology offers comprehensive solutions to companies looking to take advantage of the opportunities offered by the rapidly growing unconventional gas market. We continue to be focused on creating a 'one-stop-shop' to the many entrants into the sector," said Executive Chairman Randeep Grewal.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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