Infigen's net loss widens to USD 72m in FY 2012/13

Aug 23, 2013 - Australian wind farm operator Infigen Energy (ASX:IFN) said today its net loss had expanded to AUD 80 million (USD 72m/EUR 54m) in the fiscal year through June from AUD 55.9 million a year earlier.

The company explained that the result was affected by a non-cash impairment charge of AUD 58.4 million. Excluding that effect, Infigen’s net loss stood at AUD 21.6 million.

Earnings before interest and tax (EBIT) came negative at AUD 26.7 million versus a positive result of AUD 12.6 million in the previous fiscal year.

Earnings before interest, tax, depreciation and amortisation (EBITDA) improved by 13% year-on-year to AUD 158.2 million thanks to higher revenue and flat operating costs.

Infigen’s revenue gained 7% on the year to AUD 286.1 million, helped by increased electricity prices in Australia and the US and improved production. Power generation in the twelve months amounted to 4,605 GWh, 2% more than a year earlier. In Australia, it rose by 8% to 1,516 GWh, whereas US output slipped by 2% to 3,089 GWh.

The Australian firm expects its production in the US to improve in fiscal 2013/14, while for Australia it said that in the “near term the regulatory environment continues to be challenging”.

At present, Infigen operates 1,600 MW of installed wind parks in the US and Australia.

(AUD 1.0 = USD 0.899/EUR 0.674)

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