Coro Energy PLC on Monday said its pretax loss narrowed in the first half as costs fell and its Vietnamese business saw profit.

The South East Asian energy company reported revenue of $116,000, compared with no revenue in the year prior. The firm said the revenue was generated from its 3 megawatt solar rooftop project in Vietnam.

It said pretax loss was $2.5m, narrowing from $3.8 million a year ago. The firm said the reduction in its loss was due to a profit contribution from its Vietnam operations and a decrease in expenses.

Net finance expense declined to $930,000, from $2.1 million in 2022, Coro noted. It also gained $200,000 from the sale of its gas portfolio in Italy.

The firm said its focus remains on the monetisation of its Duyung PSC project through a farm-out process, the sale its remaining Italian assets and the expansion of its South East Asian renewables business.

Coro Energy shares fell 3.5% to 0.28 pence each on Monday afternoon in London.

Copyright 2023 Alliance News Ltd. All Rights Reserved.