22nd Sep 2015 11:34
LONDON (Alliance News) - Greka Engineering & Technology Ltd Tuesday reported a slightly narrowed pretax loss for its first half, as growth in its core business offset a fall in equipment sales.
Greka provides services for infrastructure projects in the unconventional gas sector in China.
For the half year to end-June Greka reported a pretax loss of USD626,000, narrowed slightly from a pretax loss of USD787,000 a year before on broadly flat revenue of USD2.7 million.
In the half year the company processed 661.2 million cubic feet of gas volume, up 21% over the previous period, with sales volume of 577.7 million cubic feet, up 21%. It generated 8.68 million kilowatt-hours of electricity during the period, up 23% from the previous period, with sales volume of 7.1 million kilowatt-hours, up 29%.
"We are quite pleased with the results at half year. The expected reduction in equipment sales was well off-set by an increase in the core business of processing and transporting gas and generating power. The continuing expansion in the client base for power sales demonstrates the potential within this new market segment for the company," said Chairman Randeep Grewal in a statement.
Shares in Greka Engineering were down 10% at 0.550 pence Tuesday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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