Power generator Pacific Energy says record earnings from its Kalgoorlie Power Systems business have driven a solid lift in profit for the half year ended December 31.
Pacific Energy announced today its net profit for the half year came in at $5 million, up 26 per cent on the previous corresponding period.
Revenue was up 17 per cent, from $13.2 million to $15.5 million, Pacific said.
Managing director Adam Boyd said the robust earnings growth was underpinned by new contract wins totalling 38 megawatts of new power station capacity commissioned in the past year.
“KPS’ unique electricity supply solutions, which deliver reliable, low cost, low fuel consumption generation capacity to the Australian resource sector, continues to resonate with clients evidenced by the company’s contracted capacity exceeding 190MW across 19 power stations in WA, SA and NT,’ Mr Boyd said.
Mr Boyd said the company had a strong pipeline of new work, with 3 power stations planned for commissioning over the next six months.
“KPS will also commission its exclusive waste heat recovery technology across 20MW of our existing fleet during H2 FY12,” he said.
“This fuel efficiency technology will deliver a significant reduction in fuel consumption by the KPS power stations at Regis Resources gold processing operations and generate a positive contribution to H2 2012 and FY14 earnings. “
At close of trade today, Pacific Energy shares were up 5.3 per cent, at 40 cents.
