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ENE happy with positive result

Energy Developments (ENE) has joined the run of solid profit returns in the energy sector reporti...

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The net result is an operating loss after tax, inclusive of specific items of $8.9 million.

ENE’s managing director Chris Laurie said today that the full year result, before specific items, was solid taking into account the costs ($4.2 million) and disruption caused by the overseas engine remediation program largely completed during the year.

“We have turned the corner in a number of markets but still have more to do in others. While green credits were a major contributor, the second half performance in our Australian and United Kingdom landfill gas to energy (LFG) businesses showed improvement.

“We expect to improve returns from existing assets and selectively bring on good projects in the current year,” he added.

Laurie said the agreements recently executed with DEUTZ AG will, when implemented in the coming year, enhance and underpin the long term operating stability and performance of the DEUTZ engine fleet used in the company’s overseas LFG businesses.

“This will be particularly relevant for our US LFG business where current year results were again materially impacted. Restoration of US LFG profitability to acceptable levels is a key deliverable for us,” Laurie said.

During the year an additional 31MW of new generation was also brought on line, bringing total installed capacity to 420MW.

In July the company executed a power purchase agreement with Western Power in respect of the West Kimberley Power Project, under which ENE will build, own and operate new power stations in the towns of Broome, Derby, Fitzroy Crossing, Halls Creek and Camballin/Looma, totalling 56MW and a 160 tonnes/day LNG plant at Karratha.

“The WKPP is a key project for company’s medium term future and can provide us with opportunities to leverage off the underlying project especially in the area of diesel displacement with LNG in the Pilbara and Kimberley regions,” Laurie added.

Overall sales revenue increased by 11% to $125.6 million, with net operating cashflow falling 10% to $44.9 million reflecting redundancy and other restructuring costs.

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