15th Oct 2013 10:13
LONDON (Alliance News) - Clean Energy Brazil PLC Tuesday said it swung to a pretax profit in its full-year following the sale of its investment assets.
The Brazilian sugar and ethanol sector investment company posted a pretax profit of USD225,000 for the twelve months ended April 30 compared to a pretax loss of USD678,000 the previous year.
The company said its net investment profit increased to USD1.1 million from USD32,000 as the company benefited from the sale of its interest in Unialco MS to Unialco S/A - Alcool A Acucar for USD16.5 million payable in a series of monthly cash payments.
Clean Energy Brazil said the final payment of USD2.2 million was paid on October 11.
It is unclear where the company will develop from here, as Unialco was its only producing asset in Clean Energy Brazil's investments but it will shortly publish an annual general meeting notice with proposals for the future of the Company.
Clean Energy Brazil shares were down 23.9% to 2.95 pence Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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