NZ Windfarms' loss widens in FY 2011/12

Aug 28, 2012 - The net loss of NZ Windfarms Ltd (NZE:NWF) deepened to NZD 24.6 million (USD 20m/EUR 16m) in its fiscal year through June from NZD 3.4 million a year ago, the New Zealand wind farm operator said on Tuesday.

Basic and diluted loss per share was NZD 0.09 in the period, against NZD 0.01 in the prior year. The sharp expansion of the company's loss was due to a NZD-30.7-million impairment charge against the Te Rere Hau wind farm in the period.

Meanwhile, revenue from ordinary activities grew 138% on the year to NZD 9.76 million in the twelve months to June, with electricity revenue surging 156% to NZD 8.25 million.

The company's power output was 114,498 MWh, up 37% from the previous twelve months, but generation was 25% below budget because of weak wind conditions, chairman Wyatt Creech noted.

(NZD 1.0 = USD 0.808/EUR 0.647)

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