Synthesis Energy Systems, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended June 30, 2017
October 26, 2017 at 01:49 am IST
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Synthesis Energy Systems, Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended June 30, 2017. Total revenue was $0.1 million for the three months ended June 30, 2017 (the Current Quarter) as compared to $0.3 million for the three months ended June 30, 2016 (the Comparable Quarter). The operating loss for the Current Quarter was $19.8 million compared to an operating loss of $10.9 million for the Comparable Quarter. The increase was primarily the result of the $17.7 million impairment of the Yima Joint Venture in the Current Quarter compared to an impairment of $8.6 million for the Comparable Quarter. The net loss attributable to stockholders for the Current Quarter was $20 million or $0.23 per share versus $11.6 million or $0.13 per share for the Comparable Quarter. Net loss before income tax provision was $20,053,000 compared to $11,257,000 a year ago. Net Loss from continuing operations was $20,053,000 compared to $11,257,000 a year ago.
Total revenue was $0.2 million for the fiscal year ended June 30, 2017 (the Current Year) as compared to $0.7 million for the fiscal year ended June 30, 2016 (the Prior Year). The operating loss for the Current Year was $28.1 million compared to an operating loss of $19.9 million for the Prior Year. The increase was primarily the result of the $17.7 million impairment of the Yima Joint Venture in the Current Year compared to an impairment of $8.6 million for the Prior Year. The net loss attributable to stockholders for the Current Year was $26.2 million or $0.3 per share versus $23.1 million or $0.27 per share for the Prior Year. Net loss before income tax provision was $28,480,000 compared to $20,404,000 a year ago. Net Loss from continuing operations was $28,480,000 compared to $20,404,000 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.