Green & Smart Holdings plc Notice of Final Results and Update on Trading (1445Z)
March 10 2017 - 4:23AM
UK Regulatory
TIDMGSH
RNS Number : 1445Z
Green & Smart Holdings plc
10 March 2017
10 March 2017
Green & Smart Holdings plc
("GSH" or the "Company" and together with its subsidiaries the
"Group")
Notice of Final Results and Update on Trading
Green & Smart Holdings plc, a renewable energy company
generating power from biogas captured through the treatment of palm
oil mill effluent (POME) in Malaysia, expects to announce its final
results for the twelve months ended 30 September 2016 during the
week commencing 27 March 2017.
The Group is pleased to announce that based on unaudited figures
it expects to report significant profitable growth from the
previous year with full year revenues and profit before tax broadly
in line with market expectations.
Since its last update, the Group has continued to make progress
with the development of its pipeline of wholly-owned and associated
projects. Good progress has been made with the initial operation
certificate (IOD) received and revenue is currently being earned
from power sales in respect of its Kahang project. The receipt of
the formal commercial operation certificate (COD) from the
authorities has however been delayed and is now expected during the
first half of the 2017 calendar year, which allows for power to be
sold to the national utility at the full tariff rate. The Group now
also expects to receive IOD for its completed Malpom project in the
first half of the 2017 calendar year.
In addition, the expected completion of the Group's wholly owned
plants at Minyak and Liziz has been delayed but is still expected
during the first half of the 2017 calendar year, in particular
reflecting the expansion of Palm Oil Mill Effluent capture
facilities due to an increase in the palm oil production volume at
these mills. While this will not increase the capacity of energy
that can be sold via the energy grid from these projects under the
preferential tariff, it will allow for captive energy use at the
biogas plants which will reduce the respective plants' operations
& maintenance costs.
Looking ahead into 2017, the Group's various projects are
progressing well and the Group will be providing a full update on
the development and financing progress of its various wholly owned
and associated projects in its full year results announcement. The
Company will also be publishing a notice of its inaugural annual
general meeting at that time with such general meeting due to be
held in the second half of April 2017.
Enquiries:
Green & Smart Holdings plc
Saravanan Rasaratnam +44 20 7618 9100
SP Angel Corporate Finance
LLP
Robert Wooldridge, Stuart
Gledhill +44 20 3470 0470
Luther Pendragon Ltd
Harry Chathli, Claire Norbury,
Alexis Gore +44 20 7618 9100
This information is provided by RNS
The company news service from the London Stock Exchange
END
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