Profit down, revenue up at NZ Windfarms

A $NZ30 million impairment charge against its assets has seen NZ Windfarms post a full year loss despite a strong improvement in revenue.
NZ Windfarms, which operates the 97 turbine Te Rere Hau wind farm near Palmerston North in New Zealand have taken the impairment charge against its assets and have reported power generation was 25 per cent under budget.
It was reported that NZ Windfarms had “a very poor wind year”. The company posted a full year loss of NZ$24.6 million against a NZ$3.38 million loss the previous year. Revenue, however, rose frNZ om NZ$4.1 million to NZ$9.7 million.
NZ Windfarms uses turbines by the struggling Windflow Technologies. Last year NZ Windfarms acquired the Windflow business arm responsible for the operation and maintenance of the wind farm.
“The financial position of WTL remains a concern to directors,” NZ Windfarms said today.
The company has reported that it is in the process of creating a new business model “as a single wind farm operator.”