Synthesis Energy Systems, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended December 31, 2017
February 12, 2018 at 05:15 pm EST
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Synthesis Energy Systems, Inc. reported unaudited consolidated earnings results for the second quarter and six months ended December 31, 2017. For the quarter, total revenue was $77,000 against $5,000 a year ago. The increase in revenue was primarily due to technical consulting and engineering services provided to customers which included $52,000 provided to a related- party customer. Operating loss was $1,762,000 against $2,918,000 a year ago. The decrease in operating loss was primarily due to a reduction in general administrative expenses during the Current Quarter. Loss from continuing operations was $19,000 against $3,029,000 a year ago. Net income attributable to ses stockholders was $355,000 against loss of $569,000 a year ago. Net income attributable to ses stockholders was $0.03 per basic and diluted share against loss of $0.06 per basic share a year ago.
For the six months, total revenue was $345,000 against $5,000 a year ago. Operating loss was $3,286,000 against $5,546,000 a year ago. Loss from continuing operations was $1,595,000 against $5,678,000 a year ago. Net loss attributable to ses stockholders was $1,177,000 against $3,516,000 a year ago. Net loss attributable to ses stockholders was $0.11 per basic share against $0.32 per basic share a year ago.
Synthesis Energy Systems, Inc. together with its subsidiaries is a global clean energy company. The Company owns SES Gasification Technology (SGT), which is used for production of synthesis gas. The SGT produces syngas that provide alternative to other forms of energy such as natural gas, liquefied natural gas (LNG), crude oil and the conventional utilization of coal in boilers for power generation. It manufactures clean syngas from a range of natural and renewable resources, such as all forms of coal, biomass, municipal solid waste (MSW), and refuse derived fuels. The Syngas is used to produce a range of clean energy and chemical products such as synthetic natural gas, power, methanol, and fertilizer. The Company is focused on commercializing SGT both in China and globally through the regional business platforms.