30th Sep 2013 12:39
LONDON (Alliance News) - Camco Clean Energy PLC Monday swung to a pretax loss in its first-half as significant reductions in the price of carbon hit company finances.
The sustainable energy development company posted a pretax loss of EUR2.7 million for the six months ending June 30, compared to a pretax profit of EUR12.2 million the year before.
The company said sales almost halved to EUR5.2 million from EUR10.1 million as carbon prices fell significantly in the second half of 2012 and have remained low.
The company had managed to lower its administrative expenses to EUR4.8 million from EUR6.5 million and received EUR771,000 on the disposal of a joint venture.
Camco shares were down 11.5% to 5.75 pence Monday.
By Tom McIvor; [email protected]; @TomMcIvor
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