Charisma Energy Services Limited Announces Unaudited Group Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Announces Impairment of Plant and Equipment for the Fourth Quarter Ended December 31, 2016
For the year, the company reported revenue of $24,537,000 against $24,290,000 a year ago. Profit from operating activities was $4,703,000 against $11,904,000 a year ago. Profit before taxation was $1,238,000 against $9,037,000 a year ago. Profit for the period was $1,255,000 or 0.01 cents diluted per share against $9,041,000 or 0.08 cents diluted per share a year ago. Net cash generated from operating activities was $12,797,000 against $34,780,000 a year ago. This was mainly due to cash generated from the operations of the Group. Purchase of plant and equipment was $7,440,000 against $43,617,000 a year ago. The group's revenue increased as compared to fiscal year 2015 due to lease income of $1.7 million from the leasing of an onshore accommodation module in fiscal year 2016; income from trading of oil and gas products; and offset against reduction in amortisation of deferred revenue.
The company announced impairment of plant and equipment for the fourth quarter ended December 31, 2016. For the quarter, the company reported impairment of plant and equipment of $7,000,000.