27th Sep 2013 09:50
LONDON (Alliance News) - Leaf Clean Energy Company Friday said it swung to a pretax profit in its first half as higher investment and lower costs helped the company.
The renewable energy and sustainable technology investment company said it made a pretax profit of USD1.6 million for the six months ended June 30 compared to a pretax loss of USD28.0 million the previous year.
Leaf Clean made a net gain of USD6.0 million on its investments compared to a net loss of USD29.1 million the previous year, as the company benefited from gains in the carrying value of its investments and interest on its loans.
Despite a significant fall in clean energy investments in 2012, the company said investment picked up significantly in the second quarter this year, including a 155% increase in the US during the period.
Leaf Clean also slightly lowered its administrative expenses to USD5.2 million from USD5.5 million in the first half.
Leaf Clean Energy Company shares were up 0.2% to 46.60 pence Friday.
By Tom McIvor; [email protected]; @TomMcIvor1
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