Infigen Energy (ASX:IFN) revenue drops despite production rise

Infigen Energy (ASX:IFN) has seen a 26 per cent drop in revenue in the fourth quarter (Q4), even though the company reported increased production.

Production sold from owned renewable assets increased 2 per cent to 414 gigawatt hours from the prior corresponding period, while total renewable energy generation sold increased 4 per cent to 451 gigawatt hours.

The company blamed the impact of Covid-19 which severely impacted electricity prices.

Infigen Managing Director and Chief Executive Ross Rolfe said: "The Covid-19 pandemic is having a substantial impact on economic activity, domestic electricity prices and Infigen’s near-term earnings outlook.”

The group said it expected net revenue and EBITDA in the 2021 financial year to be materially lower than 2020, with the economic crisis created by Covid-19 expected to result in low energy prices going forward.

Shares in Infigen Energy (ASX:IFN) are trading flat at 92 cents.
 
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