Coro Energy PLC (AIM:CORO) has reported that its Vietnam operations generated a gross profit over the first six months of the year as the company shifts focus to southeast Asia.
Having become operational in October, Coro’s Vietnam-based rooftop solar portfolio generated revenue of US$116,000 over the first six months of the year, the company reported on Monday.
Losses narrowed over the period from US$3.8 million to US$2.3 million as a result, with Coro having sold off its Italian gas portfolio in March.
“Coro's strategy remains to [...] strategically invest to grow our southeast Asian renewables business,” the company said.
“The company is also seeking to secure new opportunities in southeast Asia, which will assist the regional transition away from its over-reliance on coal while meeting its significant and growing energy demand.”
Cash climbed to US$0.65 million come June meanwhile, up from US$0.17 at the same point last year, with Coro having also sold its stake in ion Ventures for a profit in August.