Wasabi Energy’s FY 2012/13 net loss widens

Oct 2, 2013 - Australian clean energy investor Wasabi Energy Ltd (ASX:WAS, LON:WAS) Monday said it had closed its fiscal year through June 2013 with a net loss of AUD 11.9 million (USD 11m/EUR 17m), expanding from AUD 7.45 million a year before.

The company is focused on projects using its Kalina Cycle power unit, which utilises waste heat from industrial processes, geothermal and solar thermal installations to produce additional electricity. The full-year result suffered from an AUD-2.8-million goodwill write-off, the firm said, adding that it was progressing with its growth programme to achieve 25 MW of electricity generation capacity by 2015.

Loss per basic and diluted share widened to AUD 0.39 from AUD 0.31.

Total comprehensive loss amounted to AUD 13.7 million as compared to a AUD-7-million loss in the prior fiscal year. The company will not distribute a final dividend, it said.

In fiscal 2012/13, Wasabi Energy saw its revenue slump to AUD 1.5 million from AUD 4.9 million a year earlier.

The Australian company noted that it was on track to divest its non-core interests other than those directly related to power production or the Kalina Cycle technology.

(AUD 1.0 = USD 0.935/EUR 1.423)

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