Powerhouse posts $11.2M full-year loss on Hydroworks impairment, drop in value of other assets

Wed, 30 Aug 2017

By Jonathan Underhill Aug. 31 (BusinessDesk) - Powerhouse Ventures turned to a full-year loss after writing off its investment in hydroelectric turbine designer Hydroworks and recognising other one-time decreases in the value of its investments. The Christchurch-based, ASX-listed incubator reported a net loss of $11.2 million in the 12 months ended June 30 from a profit of $765,000 a year earlier. Total income and fair value changes were a deficit of $907,763 compared with income of $8 million a year earlier. Expenses rose to $11.7 millio...

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