(Alliance News) - Synergia Energy Ltd on Thursday reported an increased annual loss but emphasised the development of a large gas resource in India.
The India-focused developer of natural gas assets said in the financial year that ended on June 30, pretax loss widened to AUD5.4 million from AUD2.1 million. Revenue grew to AUD1.3 million from AUD141,435. Cost of sales increased to AUD2.6 million from AUD754,365.
Notably, a gain from reversal of expected credit losses decreased sharply to AUD34,853 from AUD3.1 million.
Chair Joe Salomon said: "In India, important steps leading to the development of the known large gas resource at the Cambay field are underway, including a farmout/funding plan which is well advanced."
He added: "The outlook for the company is very positive with a focused strategy positioning our in-house expertise with the changing global energy and environmental requirements and opportunities."
Synergia Energy shares fell 6.0% to 0.12 pence each on Thursday afternoon in London.
By Tom Budszus, Alliance News reporter
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Synergia Energy (SYN)