Company News Summary
ERM Power Announces Half Year Results
Original announcement: FY17 Half Year Results Announcement
ERM Power announced half year results for the six months ended 31 December 2016. The Company reported underlying EBITDAF of $11.1m for the six months to 31 December 2016. Earnings are weighted to the second half of the financial year due to the timing of financial instrument settlements in the Australian Retail business, as previously disclosed. Underlying EBITDAF for the reported period was $11.1m, compared to $37.1m for 1H FY2016. The reported underlying NPAT loss of $51.0m reflects lower EBITDAF and the impact of a one-off tax difference of $36.6m. The Company also announced it has reached agreement on commercial terms that will underpin the construction of two renewable energy generation assets in Australia.
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