Australian Geodynamics narrows loss in FY 2011/12

Sep 3, 2012 - Australian geothermal energy firm Geodynamics Ltd (ASX:GDY) on Friday reported a net loss of AUD 11.7 million (USD 12m/EUR 9.5m) for its fiscal year through June, compared with an AUD-134.6-million loss a year ago.

Last-year's result was hit by huge impairments.

Revenues for the reporting period fell by 44% year-on-year to AUD 1.4 million.

The company was formed in 2000 to engage in the development of zero emissions, renewable energy generation from enhanced geothermal systems, also known as Hot Fractured Rocks, in Australia. In March it kicked off drilling the Habanero 4 well in the Cooper Basin, South Australia, after getting the proceeds from a drilling rig disposal. Habanero is the latest geothermal well of the company's Innamincka Deeps joint venture with Australian energy group Origin Energy (ASX:ORG).

(AUD 1 = USD 1.024/EUR 0.815)

Choose your newsletter by Renewables Now. Join for free!