Rurelec PLC - London-based power producer with operations in Latin America - Pretax loss in 2021 narrows to GBP3.6 million from GBP5.3 million the previous year. Total assets at the end of December fall to GBP12.2 million from GBP15.4 million at the same time a year prior. The company says, unless there is a "significant" disposal of assets, it will be in the long-term dependent upon debt repayments from Argentina via Patagonia Energy Ltd.
Executive Director Andy Coveney says: "The loss before tax of GBP3.6 million is an improvement over the previous year and despite reductions in Rurelec head office costs and the successful disposal of the group's sale of the Arica turbine asset in Chile in September 2021, results are again dominated by the write-down of loans originally made to PEL in the period from 2008 to 2009 to fund the combined cycle expansion of the Argentinian Energia del Sur operation ,and the write-down of the investment in PEL."
Current stock price: 0.55 pence, down 5.2% in London
12-month change: down 3.5%
By Heather Rydings; heatherrydings@alliancenews.com
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Rurelec (RUR)