Coro Energy interim loss narrows as revenue rises sharply

(Alliance News) - Coro Energy PLC on Friday announced a narrowed interim loss amid surging revenue.

The London-based company is a gas explorer in Italy and Indonesia and is developing renewable energy projects in the Philippines.

Total loss in the six months to June 30 narrowed to USD3.0 million from USD3.2 million a year prior. Revenue jumped to USD2.6 million from USD263,000, but operating costs increased to USD1.1 million from USD399,000. Finance income fell to USD404,000 from USD1.2 million, while net finance expense widened to USD2.2 million from USD1.0 million.

Coro expects its 3 megawatt solar rooftop pilot project in Vietnam to achieve maiden results before the end of 2022. It anticipates long-term net cash flow of around USD300,000 per year from the 25-year power purchase agreement with textile maker Phong Phu International JSC.

Coro Energy shares were 4.1% higher at 0.29 pence each in London on Friday morning.

By Tom Budszus; tombudszus@alliancenews.com

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