StockMarketWire.com - Power generating assets owner ContourGlobal reported a rise in profit as revenue was boosted by acquisitions. The company also said it would scrap plans to develop a coal plant in Kosovo following government opposition.

'The political situation in Kosovo since July, the recent formation of a government led by a Prime Minister publicly opposed to the project and the government's inaction have made it impossible for the project to meet the required milestones by its project completion date,' the company said.

For the year ended 31 December 2019, pre-tax profit increased by $31.6m to $59.4m on-year as revenue rose 6% to $1,330.2m on-year.

Income from operations was up 12% to $292m, mainly due to 'the full year impact of the Spanish CSP acquisition and the Mexican CHP acquisition, slightly offset by the acquisition-related costs for the Mexican CHP ,' it added. The annual dividend was raised by 10%.

'To date we have not experienced meaningful disruption to our operations resulting from COVID-19 and do not currently expect material disruption in 2020,' the company said.

'We expect 2020 adjusted earnings (EBITDA) to be between $710m to $745m, benefiting from the full year of the Mexican CHP acquisition, completed on 25 November,' it added.

At 10:00am: [LON:GLO] Contourglobal PLC share price was +22.7p at 159.3p



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