NZ Windfarms' pretax loss for the December half year widened to $315,660 from $172,868 a year earlier, the company reported today.
However, a gain on the transfer of $1.08 million of assets to a joint venture with Australia's Babcock and Brown and National Power allowed the company to
report a $752,861 net profit against last year's $150,094 loss.
The NZAX-listed company is planning to raise more capital for fresh windfarm ventures.
Income rose from from nil to $146,943 while operating expenses rose to $453,728 from $165,230.
It said total assets nearly doubled to $11.5m.
The company is jointly developing an $80m, 97-turbine wind farm on 243 hectares in the Tararua Ranges in Manawatu.
"We could not be happier with Te Rere Hau," said chairman Derek Walker.
"The five Stage One turbines continue to perform superbly -- no matter how hard the wind blows, they keep spinning and generating power."
Stage Two is under construction.
He said NZ Windfarms was pursuing a number of other wind farm opportunities, the first of which is the site held by Windpower Maungatua Ltd in Otago, announced last week.
"As we move forward with Te Rere Hau, Maungatua and our other developments, we are planning our next capital raising and will make further announcements on that in due course," Mr Walker said.
NZ Windfarms shares were up 4c to $1.99 and just one cent off their high. They have risen from $1.14 a year ago.
- NZPA
