Jump in revenues for APR Energy
20 May 2014
High fleet utilisation in the first quarter has fuelled a jump in revenues for power rental company APR Energy.
For the three months to 31 March, 2013, revenues totalled US$120 million, compared to $43 million for the same period last year.
Fleet utilisation totalled 81% for the first quarter. Feet capacity totalled 2074MW - stable compared to 31 December, 2013.
The company said its first quarter performance was in line with its expectations.
CEO John Campion said, “We have made a positive start to 2014 with 501MW of new contract wins or extensions and the business is performing well.
"We have successfully commissioned our landmark project in Myanmar and are on track to begin operations across recent contract wins in Angola and the South Pacific.”
Mr Campion said demand remained strong, and the company’s focus for this year would include securing a number of key contract renewals as well as transferring contracts or redeploying assets from GE Power Rental – a business that it acquired last year.
However, APR Energy noted that one of its Australian customers, Forge Group, had filed for protection from its creditors.
APR said it continued to work with the administrators and receivers in connection with possession of assets in Australia, adding that its 2014 net income was not expected to be affected as a result.
APR’s own net debt at the end of the first quarter stood at $515 million, compared to $556 million at the end of December last year.
It said its discussions with its existing relationship banks regarding its refinancing strategy were progressing, and it expected to execute this strategy over the coming months.