Synergia Energy Ltd on Thursday reported an increased annual loss but emphasised the development of a large gas resource in India.
The India-focused developer of natural gas assets said in the financial year that ended on June 30, pretax loss widened to A$5.4 million from A$2.1 million. Revenue grew to A$1.3 million from A$141,435. Cost of sales increased to A$2.6 million from A$754,365.
Notably, a gain from reversal of expected credit losses decreased sharply to A$34,853 from A$3.1 million.
Chair Joe Salomon said: ‘In India, important steps leading to the development of the known large gas resource at the Cambay field are underway, including a farmout/funding plan which is well advanced.’
He added: ‘The outlook for the company is very positive with a focused strategy positioning our in-house expertise with the changing global energy and environmental requirements and opportunities.’
Synergia Energy shares fell 6.0% to 0.12 pence each on Thursday afternoon in London.
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