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Rurelec PLC - power producer - For 2020, pretax loss widens to GBP5.3 million from GBP4.4 million the year before, mainly due to a GBP2.0 million net provision for expected credit losses on loans to PEL.
"The loss before tax of GBP5.3 million is disappointing but is principally driven by a write-down of the loans made to PEL and the investment in PEL, following a downgrade in value of the underlying share of assets in EdS. The decline in value of EdS has resulted from an assessment of the effect on cash generation following the sharp decline in the tariff for Argentinian power," says Executive Director Andy Coveney.
Current stock price: 0.55 pence
Year-to-date change: down 21%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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