(Alliance News) - Coro Energy PLC on Monday said its loss widened in 2022 as finance income fell, but it began generating revenue from its Italian gas operations.
Coro Energy is a Leeds, England-based energy company, with a natural gas and clean energy portfolio of assets in South-East Asia and Italy.
Pretax loss widened to USD8.2 million in 2022 from USD6.5 million in 2021. This was mostly due to a drop in finance income to USD636,000 from USD2.2 million.
Revenue was USD51,000, having generated none in prior years. This was thanks to resumed and increased Italian operations, which also benefitted from a rise in gas prices.
However, Coro has agreed to sell those operations.
Looking ahead, Coro said it will focus on repaying corporate debt, invest in its South-East Asia renewables businesses, and complete the sale of its Italian assets. This comes after the energy company signed a deal for the disposal of the assets to Zodiac Energy PLC for up to EUR7.5 million back in March.
Shares in Coro Energy were down 8.1% at 0.17 pence each in London on Monday morning.
By Sabrina Penty; Alliance News reporter
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Coro Energy (CORO)