GEL.L Share News (GEL)

Shares were hit by an unimpressive set of full-year results at Greka Engineering & Technology on Tuesday, with losses widening on the back of weaker turnover. Greka, which provides engineering, procurement, construction and management (EPCM) services for the unconventional gas sector in China, demerged from Green Dragon Gas in September.In the 12 months ended December 31st, revenue dropped to $3.7m from $5.2m a year earlier, pushing losses to $1.87m compared to $1.32m in 2012. The infrastructure team built an additional 0.4km trunk line and 2.35km branch line to connect 11 new wells, which raised the gas processed by 84% year-on-year. Additionally, the company has begun to generate incremental power to sell to unaffiliated users. Chairman Randeep Grewal said: "Since the demerger, the company has focused on establishing itself as an independent operator and on technology integration, resource optimisation and productivity enhancements." The group's focus has been to enhance the human resources catered to win more market share by providing advanced infrastructure services, EPCM services, gas station refuelling equipment and technology to the customers in China. Greka explained that its utilisation rates were less than 20% last year, providing for significant upside, which it expects will be achieved in 2014 and the years to follow.During the year, the group added 30 new customers, a rise of 39% on the previous year. Its equipment sales during the period included 101 dispensers, 11 cylinders, 24 un-loading cylinders and three 75KW well-head compressors. The share price dropped 18.79% to 3.35p by 12:02. NR