VANCOUVER, BC / ACCESSWIRE / November 8, 2018 / For the three months ended September 30, 2018 ("Q1 2019"), revenue increased to $411,608 from $298,849 in the corresponding period in fiscal 2018 ("Q1 2018"). Electricity generation for the three months was below average whereas in Q1 2018 generation was at record lows. Electricity sales for Q1 2019 were $154,424 higher than in Q1 2018.
The net loss attributable to shareholders of the Company for Q1 2019 was $576,986 as compared to the net loss attributable to shareholders of $673,465 for Q1 2018. The decrease in net loss for Q1 2019 as compared to Q1 2018 is primarily due to higher electricity sales partly offset by lower engineering consulting revenue. Net loss per share in Q1 2019 was $0.02 as compared to a net loss per share of $0.02 in Q1 2018.
The capital expenditures in respect of the development of run-of-river hydro projects in British Columbia for Q1 2019 was $60,170 as compared to $38,760 for Q1 2018. The Power Division was most active on the proposed 4.3MW Newcastle Creek Project (the "Newcastle Project") and 5MW McKelvie Creek Project (the "McKelvie Project").
At September 30, 2018, the Company had a cash balance of $438,763 as compared to $1,131,414 at June 30, 2018. The total loan principal outstanding to the Canadian Western Bank was $14,311,410 at September 30, 2018 as compared to $14,539,990 at June 30, 2018. Loans payable at September 30, 2018 included a current portion of $7,528,487 and a non-current portion of $6,782,923.
The Company is a successful hydroelectric developer and consultant in British Columbia. The Company wholly owns or has proportionate interests in a net total of 12 MW of operating facilities and 9 MW of construction ready facilities.
Greg Sunell, President
400 - 1444 Alberni Street, Vancouver BC V6G 2Z4
Phone (604) 688-8271 Ext. 309 Fax (604) 688-1286
Forward Looking Statements: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. The Company assumes no obligation to update or revise forward-looking information to reflect changes in assumptions, changes in circumstances or any other events affecting such forward-looking information, except as required by applicable law.
SOURCE:Synex International Inc.
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