26th Sep 2018 12:51
LONDON (Alliance News) - Rurelec PLC on Wednesday said it swung to profit in the first half of 2018 helped by the disposal of its assets in Peru.
The stock was trading 24% higher on Wednesday at 0.68 pence per share.
The power generation company said it swung to a pretax profit in the six months to the end of June of GBP1.1 million compared to a GBP2.0 million loss reported for the same period a year prior.
The company said it gained GBP661,000 on foreign exchange compared to a GBP963,000 loss a year before, whilst it also managed to cut its administrative costs to GBP731,000 From GBP1.1 million.
In addition to that, Rurrelec said it secured GBP1.3 million gain on the disposal of its Peruvian assets.
Looking forward, the company said it intends to continue to stabilise its financial position while also keeping costs under tight control.
"The company continues to pursue measures to restore value to the company and its shareholders through developments in Argentina and Chile, whilst pursuing cost savings at the head office in London and the sale of the Peruvian assets," said Executive Director Simon Morris.
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