Monday 21 August 2017

NTR 'has cash' to meet future needs

UTILITIES

John Mulligan

John Mulligan

Diversified Irish group NTR is continuing to examine investment proposals and has enough cash to meet future demands, according to its chief executive.

Michael McNicholas said that despite the group's cash reserves having declined to about €67m at the end of September from €112.4m at the end of March, he "doesn't foresee" a situation where the company won't be able to meet any requirements. Among NTR's assets are waste management firm Greenstar.

Mr McNicholas was speaking to the Irish Independent as NTR delivered interim results for the six months to the end of September.

Revenue at the group nudged 2.6pc higher in the period to €172.4m.

Group earnings before interest, tax, depreciation and amortisation doubled to €13m, while the overall group losses narrowed from €135.7m to €48.3m.

Of those losses, €21.7m reflects the recorded loss on the disposal this year of a tranche of shares in the US bioethanol firm Green Plains Renewable Energy.

The loss attributable to NTR shareholders narrowed to €41.2m from €94.9m a year earlier.

Irish Independent

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