Metis Energy Limited reported a net loss of S$2.56 million for the six months ended Jun 30, down 71 per cent from a S$8.91 million loss a year earlier, as first-time revenue from its Australian utility-scale Project Gunsynd offset higher finance and operating costs.
The group’s top line jumped 125 per cent year-on-year (YoY) to S$5.26 million, driven by the S$2.83 million maiden contribution from the 111 MWp Project Gunsynd solar farm, which achieved practical completion on 5 Jun 2026. Sales from the 51.9 MWp commercial-and-industrial rooftop portfolio in Vietnam added S$2.43 million, up around S$0.09 million on stronger generation. Basic loss per share improved to 0.08 Singapore cent from 0.29 cent a year earlier. The board did not propose an interim dividend as the company remains in an accumulated-losses position.
Segmentally, the Renewable Energy business posted a pre-tax loss of S$3.82 million (H1 2025: S$3.78 million loss). The result reflected a S$1.60 million fair-value loss on Project Gunsynd’s power-purchase-agreement derivative and S$1.74 million of liquidated damages tied to project delays, partly mitigated by a S$2.82 million net foreign-exchange gain. The Corporate & Others division generated a pre-tax profit of S$1.29 million versus a S$5.07 million loss a year earlier, largely due to foreign-exchange gains on Singapore dollar movements against the US dollar, Vietnamese dong and Australian dollar.
Group operating costs rose to S$9.39 million from S$9.05 million, reflecting higher depreciation and routine operating expenses after Project Gunsynd came on-line. Finance costs widened 27 per cent to S$3.02 million following additional borrowings: VND132.1 billion (about S$6.46 million) of Vietnam project financing and a US$7 million shareholder loan. Despite these outflows, cash and bank deposits stood at S$16.34 million at end-June, down from S$17.89 million at end-December 2025.
Looking ahead, Metis Energy said it is prioritising three initiatives over the next 12 months: boosting revenue and cost efficiency at existing assets; securing further financing for development and construction of its renewable pipeline; and tightly managing project timelines and budgets to accelerate cash-generating capacity. The company did not provide specific earnings guidance but noted it is focused on returning to profitability amid evolving market conditions in its core Australian and Vietnamese markets.