(MENAFN- Newsfile Corp)
Vancouver, British Columbia--(Newsfile Corp. - September 30, 2024) - Synex renewable energy Corporation (TSX: SXI) (the "Company" or "Synex") announced its financial and operational results for the three months ended June 30, 2024.
For the three months ended June 30, 2024 ("Q4 2024"), revenue decreased to $643,194 from $713,649 in the corresponding period in fiscal year 2023 ("Q4 2023"). Electricity sales for Q4 2024 were $584,140 compared with $731,698 for Q4 2023, a decrease of $147,558 as a result of lower precipitation compared to the previous year during the same time.
The net loss attributable to shareholders of the Company for Q4 2024 was $482,192 as compared to net loss attributable to shareholders of the Company of $209,980 for Q4 2023. The net loss for Q4 2024 is primarily due to lower power sales caused by lower-than-expected precipitation combined with below average temperatures resulting in lower generation.
The Company spent a total of $648,566 on the development of investigative wind licenses at Sea Breeze Power Corp., since Sea Breeze's acquisition. This includes expenses for 3rd party consultants for reviewing technical aspects of the sites and labor costs. The Company intends to continue investing resources in developing the remaining investigative wind licenses to support BC Hydro's Clean Power Call of generating at least 90% of electricity from clean or renewable sources.
As of June 30, 2024, the Company had an unrestricted cash balance of $117,362 as compared to $318,663 on June 30, 2023. The decrease in cash is mainly due to fixed assets upgrades and the replacement at the Kyuquot site as well as maintenance work at the Cypress and Mears Creek sites in FY2024. The Company had a restricted cash balance of $701,003 and a term deposit of $230,000 at June 30, 2024.
The total loan principal outstanding to The Equitable Life Insurance Company of Canada and The Empire Life Insurance Company was $13,080,196 at June 30, 2024, as compared to $13,715,388 on June 30, 2023. Loans payable on June 30, 2024, included a current portion of $487,905 and a non‐current portion of $12,592,291.
About Synex Renewable Energy Corporation
Synex is a Vancouver, British Columbia based company engaged in the development, acquisition, ownership, and operation of renewable energy projects in Canada. It has ownership interests in 12 MW of operating hydro projects in British Columbia and owns a Vancouver Island grid connection and utility carrying on business as Kyuquot Power Ltd. The Company also has 9.4 MW of construction ready run-of-river projects, applications, and land tenures on another 24 potential hydroelectric sites totaling over 150 MW of capacity, and approximately 17 wind development sites that could provide up to 4,850 MW of clean power in British Columbia. For further information, visit .
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