Coro Energy shares were down 8.7% to 0.2p in early afternoon trading on Tuesday after the group announced a total loss of $7.5 million in FY 2021 against $11 million in FY 2020.
Coro Energy highlighted a pre-tax loss from continuing operations of $6.5 million from $8 million the year before, and an overall pre-tax loss of $1.6 million against $1.1 million.
The company reported a loss from discontinued operations of $1.5 million compared to $2.1 million last year, alongside a loss from operating activities of $3.5 million from $3 million year-on-year.
The energy firm noted a selection of highlights across the year, including its acquisition of an early stage South East Asian renewable energy portfolio with an initial focus on the Philippines as part of the group’s efforts to develop its green energy assets.
It also announced a new partnership in Vietnam with Vihn Phuc Energy to develop rooftop solar projects and initiated a 3 MW pilot including signing a 25-year Power Purchase Agreement for the pilot.
The company further raised net proceeds of approximately $5.5 million through a placing and open offer to fund the firm’s low carbon energy investments.
Coro Energy mentioned the relaunching of its producing Italian gas portfolio against the backdrop of recent structural changes in European gas prices, and highlighted its continued progress towards commercialising the Mako gas field in which it holds a 15% interest.
“Underpinned by its strong Italian production and four institutional lenders, Coro’s shareholders are exposed to a leveraged play on the oil price,” said Coro Energy chairman James Parsons.
“Our strategy remains to monetise the Duyung PSC, use the Italian cash flows, which more than covers the Company’s G&A costs, and invest selectively in South East Asian renewables and high graded Italian production enhancement opportunities.”
“Recent volatility in energy markets have presented huge opportunity to Coro with the re-birth of the Italian portfolio alongside a significant uplift in the core NAV of its position in the Duyung PSC. It is in this context that we are delighted to present our annual report and accounts to shareholders.”
Coro Energy did not declare a dividend for FY 2021, following its decision not to issue a dividend in FY 2020.