Infigen Energy (ASX:IFN) revenue drops despite production rise

Company News

by Kathy Skantzos

Infigen Energy (ASX:IFN) has seen a 26 per cent drop in revenue in the fourth quarter (Q4), even though the company reported increased production.

Production sold from owned renewable assets increased 2 per cent to 414 gigawatt hours from the prior corresponding period, while total renewable energy generation sold increased 4 per cent to 451 gigawatt hours.

The company blamed the impact of Covid-19 which severely impacted electricity prices.

Infigen Managing Director and Chief Executive Ross Rolfe said: "The Covid-19 pandemic is having a substantial impact on economic activity, domestic electricity prices and Infigen’s near-term earnings outlook.”

The group said it expected net revenue and EBITDA in the 2021 financial year to be materially lower than 2020, with the economic crisis created by Covid-19 expected to result in low energy prices going forward.

Shares in Infigen Energy (ASX:IFN) are trading flat at 92 cents.
 

Kathy Skantzos

Finance News Network
Kathy presents the Market Outlook and ASX company news. She joined FNN in September 2017. She has been in print and online journalism for over 9 years. She also worked in corporate communications.