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Capstone Infrastructure sees strong progress with wind projects in second quarter

Last updated: 00:31 06 Aug 2016 AEST, First published: 19:31 05 Aug 2016 AEST

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Net income for the three months to end June however, slipped to $20.8mln from a loss of $5.6mln in the same period of 2015 on revenues of $83.1mln compared to £81.4mln in the second quarter of 2015

Capstone Infrastructure Corp (TSE:CSE) said its second quarter saw it make  strong progress on its wind energy projects.

Net income for the three months to end June however, slipped to $20.8mln from a loss of $5.6mln in the same period of 2015 on revenues of  $83.1mln compared to £81.4mln in the second quarter of 2015.

Expenses for the second quarter were $71.5 million, which was a 63.6% increase on the same period last year, mainly due to Bristol Water, and the termination of the  deal with Capstone partner Agbar in accordance with the operations and maintenance agreement.

As at the end of June, the company had unrestricted cash and cash equivalents of $78.0-million.

In wind energy, the company's 17.6-megawatt Ganaraska project in Ontario achieved commercial operation on May 6, 2016, and builds on the momentum of the 10-megawatt Grey Highlands ZEP wind project, which went into operation in February, 2016.

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