ERM Power Limited announced consolidated earnings results for the half year ended December 31, 2015. For the period, total revenue was AUD 1,324,485,000 against AUD 1,099,141,000 a year ago. EBITDAIF was AUD 35,140,000 against AUD 41,953,000 a year ago. Profit before income tax was AUD 24,322,000 against AUD 107,060,000 a year ago. Statutory profit for the period attributable to equity holders of the company was AUD 14,945,000 against AUD 74,993,000 a year ago. Basic and Diluted earnings per share were AUD 6.13 against AUD 31.20 a year ago. Underlying EBITDAIF was AUD 37,893,000 against AUD 44,592,000 a year ago. Underlying EPS was 3.85 cents against 6.14 cents a year ago. Underlying EBIT was AUD 27.2 million against AUD 34.8 million a year ago. Net cash flows from operating activities was AUD 77,986,000 against AUD 196,759,000 a year ago Payments for plant and equipment was AUD 1,435,000 against AUD 1,988,000 a year ago. Payments for intangible assets were AUD 7,338,000 against AUD 4,937,000 a year ago. Net debt as at December 31, 2015 was AUD 23.4 million. Underlying NPAT was AUD 9.4 million compared to AUD 14.7 million in the previous year with the key driver of the decrease being the after tax impact of reduced EBITDAF.

The company now forecasts underlying EBITDAF of AUD 81 million - AUD 85 million in fiscal year 2016. The company has narrowed the range of guidance as a result of the forecast for US earnings in fiscal year 2016, which is lower than expected. The medium term outlook for the US business remains positive. It forecasts underlying NPAT of AUD 20 million - AUD 22 million.