15th Sep 2020 13:17
(Alliance News) - Rurelec PLC on Tuesday said it swung to first half profit thanks to favourable currency exchange movements.
In the six months to June 30, the power plants developer posted pretax profit of GBP676,000, swinging from a loss of GBP454,000 a year earlier.
Like last year, it generated no revenue.
Rurelec did book GBP1.3 million in foreign exchange gains, compared to just GBP30,000 a year earlier.
"The board continues to pursue measures to restore value to the company and its shareholders through prioritisation of receiving cash receipts from the power generation plant in Argentina, selling or developing its assets in Chile and reviewing options for its turbine assets, whilst looking for opportunities to reduce costs throughout the group," Executive Directors Simon Morris and Andy Coveney said.
Shares in the company were 7.8% higher at 1.19 pence each in London on Tuesday afternoon.
By Eric Cunha; [email protected]
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