Rurelec PLC - power producer - Granted extension to publish 2020 results due to Covid-related audit challenges. Must now publish results before September 30, though targets release on or before September 15. For 2020, says unaudited loss is around GBP1.7 million, slimmed from GBP2.4 million in 2019 - though notes this is given before any impairments that may be applied to the carrying values of company's assets. "At the present time, the directors are unable to give any firm guidance on the impairment figure. However, the directors believe that the impairment may range between USD2.5m to USD10m," it says, which would bring unaudited total loss for 2020 between GBP3.7 million and GBP11.7 million, compared with GBP4.4 million in 2019.
"Unless and until the Argentinean government resolves the problems and challenges caused by the changes to the spot energy tariffs for electricity the company will continue to face significant working capital pressures. The directors continue to explore potential funding opportunities including the sale of its other assets, and in particular, the Frame 6B turbine in Chile and the 701 turbines situated in Italy," company says.
Current stock price: 0.525 pence, closed down 8.7% on Monday
Year-to-date change: down 28%
By Lucy Heming;Â lucyheming@alliancenews.com
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