(Alliance News) - Malaysia-focused biogas renewable energy firm Green & Smart Holdings PLC said Monday its interim loss narrowed as revenue rose amid Malpom power sales, with progress continuing to be made with other projects.
For the six months ended June 30, pretax loss shrunk to MYR4.4 million, or around GBP854,000, from MYR5.7 million the year prior. This was after revenue rose 5.6% to MYR1.9 million from MYR1.8 million the year before.
"We made good progress during the period with our Malpom biogas power plant selling power to the grid at the full tariff rate, enabling increased revenue, and with works advancing on our Kahang and Minyak plants," Green & Smart Chief Executive Officer Saravanan Rasaratnam said.
As well as the 2.0 megawatt Malpom plant in Penang, Green & Smart is constructing the 2.7 megawatt Minyak and 2.0 megawatt Kahang effluent methane plants in Perak and Johor.
"We were also active in pursuing EPCC (engineering, procurement, construction & commissioning) opportunities and expect to be awarded a contract by year end, which will further support our cashflows," Rasaratnam added.
Green & Smart does not pay an interim dividend.
"As a result, and combined with Kahang scheduled to resume power sales in the second half, we remain confident of reporting significantly higher revenue for full year 2019 compared with 2018", Rasaratnam said.
For the 15 months ended December 2018, Green & Smart reported revenue of MYR1.9 million. Earlier in the year, the firm changed the end of its financial year to December-end from September-end prior.
Shares in Green & Smart were untraded at 4.50 pence in London on Monday.
By Ahren Lester; ahrenlester@alliancenews.com
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