Helius Energy's pre-tax loss widens in H1 FY 2012/13

June 18, 2013 - UK biomass energy developer Helius Energy Plc (LON:HEGY) said today its pre-tax loss for the first half through March 31, 2013 had widened to GBP 699,000 (USD 1.1m/EUR 816,000) from GBP 644,000 a year earlier.

The company noted that the results for the six months through March 31, 2012 included a GBP-358,000 rise in the value of the earn-out asset and subsequent deed of amendment signed with RWE Innogy, the renewable energy arm of German utility RWE (ETR:RWE), in January 2011.

Gross profit for the six-month period ended this March went up to GBP 26,000 from GBP 20,000 a year before. The firm generated revenues of GBP 146,000 in connection with management service contracts it has with the Rothes bioenergy project and separately with the distillers involved in it. This compares to revenues of GBP 151,000 in the interim period of the prior fiscal year. The slight reduction was attributed to less chargeable support in the latter stages of the project’s construction.

During the first half, Helius Energy spent GBP 1.64 million on projects compared to GBP 1.72 million in the corresponding period last year.

(GBP 1.0 = USD 1.558/EUR 1.167)

Choose your newsletter by Renewables Now. Join for free!