Synthesis Energy Systems, Inc. (SES) has reported financial results for its fiscal 2018 year and fourth quarter ended 30 June 2018.
“In fiscal 2018, SES’s focus has been to secure orders and grow value for the company in global regions where we believe financial results from operations can be reliable and consistent, specifically Poland and Australia. In China, the company has placed an emphasis on recovering cash and monetising our joint venture operations, Yima and Tianwo-SES,” said DeLome Fair, SES’s CEO and President.
“Over the past fiscal year, Australian Future Energy, or AFE, our growth platform based in Brisbane, has progressed developments for both coal resource and prospective SGT equity projects in Queensland. Our growth platform in Europe, SES EnCoal Energy, or SEE, has identified multiple SGT clean energy prospective projects and is working to advance those opportunities. Currently, both AFE and SEE are working diligently to secure contractual commitments necessary to provide development funds for the projects. The syngas projects developed by these platforms would utilise our SGT technology, engineering and equipment and, through our ownership in AFE and SEE, the company could own equity interests in those projects,” continued Fair.
“Additionally, Batchfire Resources, a spin-off company from AFE that owns and operates the Callide thermal coal mine, has successfully increased coal production by more than 50% since acquiring it from Anglo American in the fourth quarter of 2016, and Batchfire’s management continues to improve operations and lower production costs.
“During fiscal 2018, the company has reduced its general and administrative expenses by approximately US$2.1 million and increased its revenue by approximately US$1.3 million, primarily as a result of technology-related engineering services outside of China and payments received related to our China assets. The reporting of results for fiscal year ended 30 June 2018 was delayed until now due to the time required to complete the auditing work related to our China assets. For the current fiscal year 2019, the company is continuing its focus on reducing costs, while supporting its Australian and Polish growth platforms, and the recovery of monies from our China assets,” concluded Fair.
View the full financial results here.
Read the article online at: https://www.worldcoal.com/coal/15112018/ses-issues-2018-financial-results/
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