29th Mar 2019 10:50
LONDON (Alliance News) - Renewable energy firm Green & Smart Holdings PLC said Friday its loss deepened sharply after revenue fell amid a temporary closure of a power plant.
For the 15 months ended December, its pretax loss deepened to MYR13.7 million, or GBP2.6 million, from MYR2.7 million in the year ended September 2017. This was after revenue sank to MYR1.9 million from MYR45.3 million the year before.
During the period, the firm changed the end of its financial year to December-end from September-end.
"This was a milestone period in the history of Green & Smart as our second fully-owned biogas power plant began selling power to the grid - making us the only company in Malaysia to own and operate plants with two different biogas systems under the Feed-in-Tariff mechanism - and we commenced construction of our third fully-owned plant," Chief Executive Saravanan Rasaratnam said.
"While financial constraints undoubtedly impeded our progress, our fundraising has resolved many of these challenges and enabled us to move forwards", Rasaratnam added.
During the period, Green & Smart raised MYR17.1 million through a shares subscription by Serba Dinamik International Ltd.
"Our focus for 2019 is completing the upgrade works at our Kahang plant to enable us to resume power sales and working towards bringing onstream our third plant at Minyak," Rasaratnam added.
"We have also begun pursuing new EPCC opportunities. As a result, we expect revenue generation in 2019 to be significantly higher than in the period to 31 December 2018 and, with continued supportive growth drivers, the Board of Green & Smart looks to the future with confidence."
Shares in Green & Smart were untraded on Friday, last quoted at 4.50 pence each.