Minesto narrows loss while increasing revenue

Minesto has reported an increase in revenue of around 80% for the first quarter of 2017, compared to the same period a year before.

The revenue for the period from January to March 2017 amounted to just above $1 million (SEK 9 million), compared to the same period a year earlier when the company posted the revenue of $610,600 (SEK 5 million).

Minesto said that this was due mainly to the capitalized work on own account.

Loss after tax narrowed by 13.5% in the quarter, from SEK 3.72 million ($451,900) in the first quarter of 2016, to SEK 3.2 million ($366,600).

To remind, Minesto plans to deploy a 500kW Deep Green tidal power off the coast of Anglesey later this year.

The company has recently secured a marine license from Natural Resources Wales for the offshore construction works for the project.