Geodynamics posts USD-7.3m loss in fiscal H1

Mar 3, 2014 - Australian geothermal energy firm Geodynamics Ltd (ASX:GDY) on Friday reported a net loss from continuing operations of AUD 8.2 million (USD 7.3m/EUR 5.3m) for July-December 2013, the first half of its fiscal year.

The result compares to a loss of AUD 5.25 million a year ago.

The company is still a non-revenue generating entity developing several geothermal energy projects. On February 26, Geodynamics said it had signed an agreement allowing it to commence independent Environmental and Social Impact Assessment (ESIA), community mapping and land valuation works in Vanuatu, an island nation in the South Pacific Ocean, for its 8-MW Takara geothermal project. Exploratory drilling there is planned for the middle of this year, while production drilling and plant construction would follow in 2015.

The Takara is just one of several Geodynamics projects. Earlier in February, it said it had filed an ESIA for its up to 37-MW geothermal project on Savo Island, noting that initial exploration drilling may commence in mid-year. The geothermal energy firm is developing that project in the Solomon Islands in a joint venture with Australian company Kentor Gold Ltd (ASX:KGL).

In its first fiscal half, Geodynamics saw its revenue rise by 75% to AUD 1.1 million. The result included interest income and corporate overhead expense recovery. Total assets as of December 31 amounted to AUD 54.7 million, while total liabilities were AUD 9.9 million.

(AUD 1 = USD 0.893/EUR 0.647)

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