Synthesis Energy Systems (SYMX) saw its loss narrow to $2.71 million, or $0.03 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $2.98 million, or $0.03 a share. Revenue during the quarter plunged 56.86 percent to $0.02 million from $0.05 million in the previous year period.
Operating loss for the quarter was $2.73 million, compared with an operating loss of $2.84 million in the previous year period.
“During the third quarter of our fiscal year 2017, our business activities in Australia have been SES’s area of intense focus and we are now seeing these efforts accelerate. As we announced this morning, we are very excited to have entered into a definitive Technology License Agreement with Australian Future Energy Pty Ltd (AFE). SES owns approximately 40% of AFE, and through AFE, SES expects to also indirectly own an interest in the individual projects. All AFE projects will use Australia’s resources in a responsible manner, and AFE has identified several project opportunities and is expected to initially carry two projects forward into development, design and construction. The scale of these projects is quite large, each on the order of $2 billion total installed cost. The initial two projects combined have the potential to generate approximately $300 million in orders for technology licensing and equipment sales to SES," said DeLome Fair, SESs president and chief executive officer.
Working capital increases sharplySynthesis Energy Systems has recorded an increase in the working capital over the last year. It stood at $5.68 million as at Mar. 31, 2017, up 30.06 percent or $1.31 million from $4.36 million on Mar. 31, 2016. Current ratio was at 3.85 as on Mar. 31, 2017, up from 1.28 on Mar. 31, 2016. Days sales outstanding went up to 55 days for the quarter compared with 24 days for the same period last year.
Days inventory outstanding has increased to 92 days for the quarter compared with 3 days for the previous year period.
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