Synthesis Energy Systems, Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended March 31, 2018
May 14, 2018 at 04:10 pm EDT
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Synthesis Energy Systems, Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended March 31, 2018. For the quarter, the company reported total revenue of $807,000 against $22,000 a year ago. Operating loss was $1,297,000 against $2,728,000 a year ago. Loss from continuing operations was $1,519,000 against $2,749,000 a year ago. Net loss attributable to SES stockholders was $1,476,000 or $0.13 per diluted share against $2,712,000 or $0.24 per diluted share a year ago. Net loss attributable to SES stockholders from continuing operations was $1,476,000 or $0.13 per diluted share against $2,712,000 or $0.24 per diluted share a year ago. The increase in Revenue was primarily due to $0.6 million of payments of past due invoices related to technical consulting and engineering services provided to Yima Joint Venture during the construction and commissioning period, and $0.2 million from a third-party customer related to their feasibility study. The $22,000 revenue for the Comparable Quarter was related to an engineering study for a third-party customer.
For the nine months, the company reported total revenue was $1,152,000 against $27,000 a year ago. Operating loss was $4,583,000 against $8,274,000 a year ago.
Loss from continuing operations was $3,115,000 against $8,427,000 a year ago. Net loss attributable to SES stockholders was $2,654,000 or $0.24 per diluted share against $6,228,000 or $0.56 per diluted share a year ago. Net loss attributable to SES stockholders from continuing operations was $2,654,000 or $0.24 per diluted share against $8,166,000 or $0.74 per diluted 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.