Renewable energy firm Montauk posts 27% profit hit
Shares fall 13% after the company reports weak first half financials
Renewable energy firm Montauk reported a double digit profit loss for the first half of its financial year, the company said on Wednesday.
The company’s revenue dropped 8% to $46.4m (R808.7m) in the period while profits fell 27% to $10.8m. It posted total renewable natural gas (RNG) revenue of $37.7m while renewable electric generation (REG) total revenue fell to $9m, the company said in its financial statement for the six months through June. ..