12th Aug 2015 07:30
LONDON (Alliance News) - APR Energy PLC Wednesday said it is still struggling to access its project in conflict-ridden Yemen which has led to the company booking a substantial write-off in the second quarter of 2015.
In the first quarter of 2015, APR "terminated" its 60 megawatt diesel project in the country "following the escalating conflict", and the company said it has not been able to enter the country safely to remove its assets.
The conflict in Yemen is between militias loyal to exiled Yemeni President Abd Rabu Mansour Hadi and Iran-backed Houthi rebels.
As a result, APR has booked a USD24 million write-off related to those assets in the second quarter of 2015.
"The assets in Yemen are insured. The group intends to continue to pursue all avenues to preserve and recover them. The group will provide the market with updates in due course," said the company in a statement.
On a more positive note, the company said it has received USD10.7 million to cover a portion of the outstanding receivables under its Libyan contract. APR also terminated its operations in Libya in the first quarter of 2015 because it did not receive government ratification of its contract, it said.
APR shares were down 4.3% to 94.50 pence per share on Wednesday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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