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Edenville Energy annual losses widen amid virus-led disruptions, lower revenue

By BFN News | 09:43 AM | Wednesday 30 September, 2020


Edenville Energy reported wider losses as virus-led disruptions halted activity and increased costs while reducing revenue. For the year ended 31 December 2019, pre-tax losses were £1.9 million from £1.8 million year-on-year as revenue fell to £233,414 from £337,125. The company said that during the second half of 2019, it took the decision to align with a local Tanzanian businessman to form a strategic partnership, which would address certain areas where the company had historically fallen short. Looking ahead, the three agreements with the strategic partner, the renegotiation of the company's debts, and the new board, means that the company was in now in a 'strong position to achieve its goals,' the company said. 'In the longer term, given the significant size of the Rukwa deposit, we are still pursuing the coal to power project and have looked into opportunities of smaller power plants to supply local areas.' At 9:43am: (LON:EDL) Edenville Energy PLC share price was 0p at 0.04p Story provided by StockMarketWire.com

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