Synex International Inc. Second Quarter of Fiscal 2013
TSX : SXI
VANCOUVER, Feb. 5, 2013 /CNW/ – Revenue for the six months ended
December 31, 2012 increased to $2,259,339 as compared to $1,981,626 in
the corresponding period in the previous fiscal year. Most of the
increase was due to the Barr Plant which commenced operation in
February 2012 and to the engineering division which had increased
revenue. Revenue during the six month period decreased from each of
the Mears Plant, Cypress Plant and Kyuquot Utility.
The net loss for the six months ended December 31, 2012 was $491,960 as
compared to net income of $2,648 in the corresponding period in the
previous fiscal year. The increase in net loss is primarily due to the
loss of $347,042 incurred by the Barr Plant. Generation at each of the
Barr, Mears and Cypress Plants has been less than forecast due to very
dry conditions from late July 2012 to mid October 2012. The loss per
share for the six months ended December 31, 2012 was $0.02 as compared
to income of $0.00 per share in the corresponding period in the
previous fiscal year.
Project development during the six months ended December 31, 2012, was
funded from internal sources. During the period the Power Division had
capital expenditures of $195,012 in respect of proposed hydroelectric
projects in British Columbia. The three most advanced projects are the
5MW McKelvie Creek Project, the 8MW (in total) Newcastle and Montague
Creek Projects and the 9.9MW Victoria Lake Project. The Victoria Lake
Project has an electricity purchase agreement dated August 2006 whereas
the Company expects to make application for electricity purchase
agreements under the BC Hydro Standing Offer Program for the other
Synex International Inc is an experienced run of river hydroelectric
developer and consultant in British Columbia with over 15 professionals
located in the Vancouver office. The Company wholly owns or has
interests in 12 MW of operating facilities and has applications for
water licences and land tenure on over 55 potential hydroelectric sites
which are in various stages of development or for disposition.
Greg Sunell, President
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.
SOURCE Synex International Inc.