Synex Renewable Energy Corporation Fourth Quarter of Fiscal 2024
Rhea-AI Summary
Synex Renewable Energy (TSX: SXI) has released its financial results for Q4 2024, ending June 30, 2024. The company reported a decrease in revenue to $643,194 from $713,649 in Q4 2023. Electricity sales dropped to $584,140, down from $731,698 in the previous year, primarily due to lower precipitation. The company recorded a net loss of $482,192, compared to a $209,980 loss in Q4 2023, mainly attributed to reduced power generation caused by unfavorable weather conditions.
Synex invested $648,566 in developing investigative wind licenses at Sea Breeze Power Corp. The company's unrestricted cash balance decreased to $117,362 from $318,663 year-over-year, largely due to fixed asset upgrades and maintenance work. Total loan principal outstanding was $13,080,196 as of June 30, 2024, down from $13,715,388 the previous year.
Positive
- Continued investment of $648,566 in developing investigative wind licenses to support BC Hydro's Clean Power Call
- Reduction in total loan principal outstanding to $13,080,196 from $13,715,388 year-over-year
Negative
- Revenue decreased to $643,194 from $713,649 in Q4 2023
- Electricity sales dropped to $584,140 from $731,698 in Q4 2023
- Net loss increased to $482,192 from $209,980 in Q4 2023
- Unrestricted cash balance decreased to $117,362 from $318,663 year-over-year
AI-generated analysis. How Rhea-AI works. Not financial advice.
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
The net loss attributable to shareholders of the Company for Q4 2024 was
The Company spent a total of
As of June 30, 2024, the Company had an unrestricted cash balance of
The total loan principal outstanding to The Equitable Life Insurance Company of Canada and The Empire Life Insurance Company was
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 www.synex.com.
For media inquiries, please contact:
Daniel J. Russell
President & CEO, Synex Renewable Energy Corporation.
4248 Broughton Avenue, Niagara Falls, ON L2E 3K6
Phone (905) 329-5000
E-mail: daniel.russell@synex.com
Cautionary Note Regarding Forward-Looking Information and Statements
This press release contains certain "forward-looking information" within the meaning of applicable Canadian securities legislation. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only Synex's beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of Synex's control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved", including the potential electricity output for the Company's wind projects.
By identifying such information and statements in this manner, Synex is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from those expressed or implied by such information and statements. In addition, in connection with the forward-looking information and forward-looking statements contained in this press release, Synex has made certain assumptions. Although Synex believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. Among others, the key factors that could cause actual results to differ materially from those projected in the forward-looking information and statements are the following: changes in general economic, business and political conditions, including changes in the financial markets; and the other risks disclosed in the Company's annual information form dated September 28, 2023 and available on the Company's profile at www.sedar.com . Should one or more of these risks, uncertainties or other factors materialize, or should assumptions underlying the forward-looking information or statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated, or expected.
The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and Synex does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws. All subsequent written and oral forward-looking information and statements attributable to Synex or persons acting on its behalf is expressly qualified in its entirety by this notice.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5775/225102_2ae81427545d1836_001full.jpg
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/225102