26th Oct 2020 11:22
(Alliance News) - BiON PLC on Monday said its loss for the first half of 2020 narrowed due to an increase in revenue, which was aided by its provision of engineering, procurement, construction and commissioning services.
Shares in the renewable energy services firm were untraded on Monday morning in London, last quoted at 2.10 pence each.
For the six months ended June 30, BiON posted a pretax loss of MYR2.7 million - around GBP496,397 - narrowed from MYR4.4 million a year prior. This was as revenue rose to MYR27.2 million, multiplying from MYR1.9 million recorded for the first half of 2019.
The Kuala Lumpur-based company stated that despite a disruption to operations caused by the Covid-19 pandemic, it was able to complete EPCC contracts for wastewater treatment and infrastructure projects, leading to the significant increase in revenue.
Administrative expenses increased 14% to MYR4.1 million from MYR3.6 million.
Looking ahead, BiON said it will focus on progressing two recently-acquired biogas power plants with a combined installed capacity of 3.0 megawatts, which it expects to commence commercial operations by the end of the year. It added it also intends to expand its business activities into complementary renewable energy sectors.
Cash held as at June-end was MYR319,000, up from MYR55,000 the year prior.
By Ife Taiwo; [email protected]
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