Synthesis Energy Systems (SYMX) saw its loss narrow to $2.95 million, or $0.03 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $4.58 million, or $0.05 a share.
The company has not recorded any revenues for the current quarter. However, it has reported a revenue of $0.25 million for the previous year period.
Operating loss for the quarter was $2.63 million, compared with an operating loss of $3.08 million in the previous year period.
“During the first quarter of our fiscal year 2017, we have continued our focus on activities we believe will build a strong foundation for generating future earnings. We continue to make forward progress on many of our key initiatives, including the development of equity investment platforms and our expansion outside of China. We are very excited to have announced positive results from our activities in Australia. SES owns approximately 11% of Batchfire Resources, which acquired the Callide thermal coal mine in Central Queensland late last month," said DeLome Fair, SES president and chief executive officer.
Working capital increasesSynthesis Energy Systems has recorded an increase in the working capital over the last year. It stood at $9.67 million as at Sep. 30, 2016, up 6.70 percent or $0.61 million from $9.06 million on Sep. 30, 2015. Current ratio was at 1.66 as on Sep. 30, 2016, up from 1.55 on Sep. 30, 2015.
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