NZ Windfarms reports bigger annual loss
Tue, 28 Aug 2012 2:21p.m.
NZ Windfarms, which operates Te Rere Hau windfarm in the Tararua Ranges, has posted a wider full-year loss after reporting power generation was 25 percent below budget.
The net loss was $24.6 million in the 12 months ended June 30, from a loss of $3.38m a year earlier. The loss in the latest year included an impairment of assets of $30.7m.
Sales rose to $9.76m from about $4.1m.
Earnings before interest, tax, depreciation, amortisation and the impairment were about $2.6m from a loss of $410,000 on the same basis in the previous year.
While NZ Windfarms had "a very poor wind year" total electricity generated rose 37 percent to 114,498 Megawatts and electricity revenue jumped 156 percent to $8.25m, reflecting the first full year that all its 97 turbines were operating.
The average price rose to $72.07/MWh from $38.46/MWh a year earlier.
NZ Windfarms uses turbines supplied by Windflow Technologies, a Christchurch-based firm that is struggling to make global sales. In October, NZ Windfarms exercised its option to acquire the Windflow business that had the contract to operate and maintain the wind farm including spare parts.
"The financial position of WTL remains a concern to directors," NZ Windfarms said on Tuesday.
The company won't pay a final dividend.
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