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UPDATE 1-Camco narrows H1 loss, sees signs of recovery
September 29, 2009 / 6:46 AM / 8 years ago

UPDATE 1-Camco narrows H1 loss, sees signs of recovery

* H1 net loss before impairments 6.6 million euros

* Sees issuances increasing in H2

(Adds detail)

LONDON, Sept 29 (Reuters) - Carbon offset aggregator Camco International CAMIN.L narrowed its first-half net loss before impairments and said while it was seeing signs of recovery in key markets, it still expected a full-year loss.

“Through the remainder of 2009 a number of carbon projects are expected to pass important hurdles in the regulatory process further reducing the risk of the portfolio,” Camco said on Tuesday, adding issuances were expected to increase through the second half.

Camco invests in green projects under the Kyoto clean development mechanism, in return receiving offsets called certified emissions reductions (CERs) that can be sold for profit. It is currently awaiting the outcome of United Nations climate talks in Copenhagen in December.

The company had first-half sales of 5.3 million euros ($7.8 million), down from 8.9 million a year ago, while its net loss after tax and excluding impairments narrowed to 6.6 million from 8.2 million.

After write-downs of 11.7 million euros relating to its acquisition of ESD partners in 2007, its overall loss for the period to June 30 came in at 18.3 million.

Camco shares closed on Monday at 30 pence, valuing it at about 52 million pounds ($82.6 million). (Reporting by Victoria Bryan; Editing by Dan Lalor) ($1 = 0.6822 euro = 0.6298 pound)

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