30th Aug 2024 10:42
(Alliance News) - Mast Energy Developments PLC reported on Friday that it reduced its interim loss as the company carried out maintenance and refurbishment at its Pyebridge power plant.
The developer of reserve power generation plants said pretax loss was GBP492,055 for the first six months that ended June 30, narrowed from GBP773,750 a year earlier.
Revenue, derived from electricity generated from Derbyshire, England-based Pyebridge, was up 1.9% to GBP202,258, compared to GBP198,438.
Mast Energy said it had taken out Pyebridge plant for care & maintenance, and a "comprehensive" refurbishment. This included the overhaul of Jenbacher reciprocal turbine engines. Thus far, the first generator set, or genset, has been completed, and the revamp of the second one has officially started.
For the first half, loss per share narrowed to 0.14 pence from 0.34 pence.
Looking ahead, Mast Energy said it remains committed to grow a portfolio of sites, providing green-focused energy generation with a capacity of 100 megawatts in the short to medium-term.
Kibo Energy PLC holds a 55% stake in Mast Energy.
Mast energy shares were up 2.4% to 0.16 pence each in London on Friday morning. Kibo stock is suspended both in London and in Johannesburg.
By Artwell Dlamini, Alliance News reporter
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