TSX : SXI
VANCOUVER, Feb. 5, 2013 /CNW/ - Revenue for the six months ended December 31, 2012 increased to $2,259,339 as compared to $1,981,626 in the corresponding period in the previous fiscal year. Most of the increase was due to the Barr Plant which commenced operation in February 2012 and to the engineering division which had increased revenue. Revenue during the six month period decreased from each of the Mears Plant, Cypress Plant and Kyuquot Utility.
The net loss for the six months ended December 31, 2012 was $491,960 as compared to net income of $2,648 in the corresponding period in the previous fiscal year. The increase in net loss is primarily due to the loss of $347,042 incurred by the Barr Plant. Generation at each of the Barr, Mears and Cypress Plants has been less than forecast due to very dry conditions from late July 2012 to mid October 2012. The loss per share for the six months ended December 31, 2012 was $0.02 as compared to income of $0.00 per share in the corresponding period in the previous fiscal year.
Project development during the six months ended December 31, 2012, was funded from internal sources. During the period the Power Division had capital expenditures of $195,012 in respect of proposed hydroelectric projects in British Columbia. The three most advanced projects are the 5MW McKelvie Creek Project, the 8MW (in total) Newcastle and Montague Creek Projects and the 9.9MW Victoria Lake Project. The Victoria Lake Project has an electricity purchase agreement dated August 2006 whereas the Company expects to make application for electricity purchase agreements under the BC Hydro Standing Offer Program for the other projects.
Synex International Inc is an experienced run of river hydroelectric developer and consultant in British Columbia with over 15 professionals located in the Vancouver office. The Company wholly owns or has interests in 12 MW of operating facilities and has applications for water licences and land tenure on over 55 potential hydroelectric sites which are in various stages of development or for disposition.
Greg Sunell, President
This press release contains forward-looking statements that involve risks and uncertainties. These statements reflect our current expectations and are subject to change. They are subject to a number of risks and uncertainties including, but not limited to, changes in economic conditions, risks associated with the construction and operation of hydroelectric facilities and changes in government policies.
SOURCE Synex International Inc.