ERM Power Limited (ASX: EPW)- ERM Power share prices surged despite confirming loss of $80.7 million

ERM Power Limited

Energy company ERM Power posted greater statutory loss of $80.7 million, reflecting $79.6 million of loss increase in FY18 as compared to previous year. This reflects the negative impact of charges on derivatives and losses incurred in company’s US business over the past 12 months.

In financial year ended 30 June 2018, underlying net profit after tax was $30.2 million, up $46.3 million from $16.1 million loss posted in FY17. Underlying earnings per share grew 18.89% to 12.30 cents per share.

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ERM Power Managing Director and CEO Jon Stretch said, “the performance of the Australia operations demonstrated the strength of the franchise with the Company leveraging its core electricity retailing and generation businesses to grow its Energy Solutions business.”

Final dividend of 4 cents per share was declared, payable on 10 October 2018. This takes total fully franked dividend for FY2018 to 7.5 cents per share.

EPW soar 12.59% to $1.520 on 23 August 2018.

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