LONDON (Alliance News) - SIMEC Atlantis Energy Ltd on Monday said it generated revenue for the first time in the first half of 2018, but its loss widened after the purchase of Uskmouth power plant in Newport, Wales.
The energy projects owner said pretax loss widened sharply in the six months to June-end to GBP9.1 million, compared to GBP3.2 million reported for the same period in 2017, despite generating its first revenue of GBP1.3 million.
The results were hurt by higher operating expenses, which jumped to GBP9.1 million from GBP5.8 million. These include acquisition costs of Uskmouth power plant, bought in mid-June.
The company said it plans to convert 220 megawatts of capacity at Uskmouth power station to use a waste derived energy pellet as fuel.
"The conversion process is progressing well and we are on track to have first power generation from the converted plant in 2020 which will immediately deliver meaningful operational cashflows," explained Chief Executive Tim Cornelius.
Meanwhile, revenue cam from MeyGen phase 1A project, which completed the construction phase in April and officially entered the 25-year operations phase.
"The MeyGen project has now exported more than eight gigawatts per hour of predictable, clean energy to the grid," said Cornelius.
SIMEC Atlantis Energy shares were down 1.1% on Monday at 22.02 pence each.
Simec Atlantis (SAE)