26th Mar 2014 10:05
LONDON (Alliance News) - APR Energy PLC Wednesday said it swung to a pretax profit in its full year 2013 as revenues increased, and it announced the signing of a major mobile gas turbine contract in the South Pacific.
The fast-track power distributor posted a pretax profit of USD27.5 million in 2013, compared with a pretax loss of USD4.9 million the previous year, as revenues increased 16% to USD308.3 million from USD265.7 million in 2012.
The company said its revenues increased due to new contract wins, contract extensions and high utilisation levels on an enlarged fleet, following the commissioning of a number of significant contracts during the year.
However, APR said its cost of sales increased 20% to USD197.3 million from USD165.0 million the previous year, and the company was hit by a USD14.4 million acquisition cost during the period.
The company announced that it is maintaining its full-year dividend of 10 pence, including a final dividend of 6.7 pence payable in June.
APR added that its power generation capacity increased 58% during the period to 2,074 megawatts, and it has made a strong start to 2014 with the extension of a 200 megawatt project in Libya and an 82 megawatt new contract in Myanmar.
In a separate statement, the company announced that it has signed its largest-ever industrial contract, using mobile turbine technology to power mining operations for an unnamed client in the South Pacific.
The company said the deal, for which it didn't provide financial details, will comprise mobile gas turbines producing a guaranteed 60 megawatts, powering the customer's mining operations. APR added that the plant is expected to begin operations late in the second quarter and is expected to run through to late 2015.
"This is the second contract for large-scale power that we have signed in the last month and, together with the Myanmar project announced in February, adds to the rapid growth we have achieved in the Asia Pacific region in recent months," Chief Executive John Campion said in a statement.
APR Energy shares were up 1.2% to 820.00 pence Wednesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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