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Coro Energy PLC on Friday announced a narrowed interim loss amid surging revenue.
The London-based company is a gas explorer in Italy and Indonesia and is developing renewable energy projects in the Philippines.
Total loss in the six months to June 30 narrowed to $3.0 million from $3.2 million a year prior. Revenue jumped to $2.6 million from $263,000, but operating costs increased to $1.1 million from $399,000. Finance income fell to $404,000 from $1.2 million, while net finance expense widened to $2.2 million from $1.0 million.
Coro expects its 3 megawatt solar rooftop pilot project in Vietnam to achieve maiden results before the end of 2022. It anticipates long-term net cash flow of around $300,000 per year from the 25-year power purchase agreement with textile maker Phong Phu International JSC.
Coro Energy shares were 4.1% higher at 0.29 pence each in London on Friday morning.
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