LONDON (Alliance News) - Rame Energy PLC Monday said it swung to a pretax loss in 2013 as revenues fell due to a change to its business model and an increase in administrative expenses.
The Chile focused energy consultant, engineer and power generator said it swung to a pretax loss of USD1.5 million from a pretax profit of USD1.0 million the previous year.
The company said its revenues fell significantly to USD3.6 million from USD6.6 million as the company moved from receiving revenues through third-party sources to developing its own operations.
Rame Energy also said that, despite a fall in cost of sales figures, a jump in administrative expenses to USD4.9 million from USD2.5 million pushed the company into a pretax loss for the year.
The company spent 2013 developing its assets in Chile towards achieving its target of 300 megawatts of operational assets in Latin America within the next three years.
Rame Energy, which listed on AIM in April, started building the 15 megawatt Raki/Huajache wind projects in Chile in May. It expects to start putting up the wind turbines in October and the sites should be operational in the fourth quarter. EKA Chile SA will buy all of the energy they produce for ten years.
Earlier in June, the company also acquired a UK solar energy company for GBP150,000, in a bid to strengthen its international energy consultancy business.
Rame Energy shares were untraded on Monday; they were last quoted at 14.625 pence.