Carnegie Clean Energy Limited (ASX: CCE) has announced its half- year results report for the period ended 31st December 2018, and posted a net loss after tax of the consolidated group of $45.0 million, and a net loss of $39.20 million after-tax including impairment of assets. The company also holds major projects.
The company reported net revenue of $2.8 million for the half- year ended 31St December 2018, down as compared to $3.3 million in the previous corresponding period. The decline in revenue was in line with the decrease in sales. The loss for the period ended 31st December 2019 marked at $45.0 million, from higher expense from the impairment charges of $39.20 million. The loss marked a significant increase from $9.10 million, reported for the period ended 31st December 2017.
The company also marked a loss in exchange difference on translating foreign controlled entities, and foreign currencies of $7,384 as compared to a gain of $23,778 in the previous corresponding year. The loss of earning per share, also surged from 0.345 cents per share (cps), reported in the previous corresponding period to 1.56cps.
The total asset of the company declined to $27.93 million, as compared to $79.05 million In the previous corresponding period. The current asset dropped to $6.16 million for the period ended 31st December 2019, as compared to $13.92 million in the previous corresponding period. Total Non-current assets also, declined from $65.13 million to $21.77 million in the half-year ended 31st December 2018.
The total liability of the company declined from $17.83 million to $11.75 million, in H1FY19 as compared to H1FY18. The current liability marked a decline to $7.2 million as compared to $9.0 million in the previous corresponding period. The non-current liability also marked a drop, from $8.73 million in H1FY18 to $4.5 million in H1FY19. The total asset after adjusting the total liability was reported at $16.17 million, which marked a significant decline as compared to $61.22 million in the previous corresponding period.
The total equity also declined from $61,225,351 as on 30 June 2018, to $16,179,214 as on 31 December 2018.
The company marked a net cash outflow from operating activities of $8.4 million in H1FY19, as compared to $9.8 million in the previous corresponding period. However, the company reported a net cash inflow from investing activities of $4.8 million in H1FY19, as compared to a net cash outflow of $1.5 million from investing activities in the previous corresponding period.
The Cash flow from financing marked, an increase in a net cash outflow of $291,620 in H1FY19, as compared to an outflow of $91,176 in H1FY18.
The overall liquidity marked a decline, and the company reported cash and cash equivalent of $1.68 million for the period ended 31st December 2018, as compared to $4.76 in the previous corresponding year.
The shares of the company closed at A$0.003 (as on 28 February 2019). The trading on the shares of the company was suspended by ASX, from official quotation on 1st March 2019, following the failure to report half-year accounts by the due date.
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