In the first full six-month period since the acquisition of Tetra4, AltX-listed energy provider Renergen has achieved a R126 000 gross profit, with compression now taking place from the first of its current 12 wells.
The company reported on Tuesday that transport company Megabus’s ten compressed natural gas (CNG) buses, for which Tetra4 is supplying the CNG fuel, had been operating at full capacity in July, August and September.
Tetra4 supplied over 63 000 diesel litres equivalent to Megabus during the period to August 31, 2016.
“Having delivered on our milestones to date, losses per share are down by 95% as a result of our first revenue coming online and our operations running smoothly,” Renergen said in a statement.
Its loss a share narrowed from 283.06c in the six months to August 31, 2015, to 12.73c in the six months under review.