Swedish tidal energy developer, Minesto , has posted an increase in revenue of approximately 64% for the first quarter 2016.
The revenue for the period from January to March 2016 amounted to $610,600 (SEK 5 million), compared to the same period a year earlier when the company posted the revenue of $373,200 (SEK 3.07 million).
The company informed that this was due mainly to the capitalized work on own account.
Loss after tax widened by 20.3% in the quarter, from SEK 3.09 million ($375,400) in Q1 2015, to SEK 3.72 million ($451,900), or 0.04 per diluted share.
Also, the company posted a negative operating income of SEK 4.44 million ($538,300), compared to the corresponding period a year earlier when Minesto’s negative operating income was at SEK 3.58 million ($434,100), meaning that the loss widened for some 24%.
This is largely attributable to development costs including, among other things, personnel costs and consulting expenses, Minesto said.
As reported earlier , Minesto posted a net revenue of $1.87 million (SEK 15.2 million) in 2015, and a net loss of $1.9 million (SEK 15.5 million).