August 7, 2009 / 1:44 PM / 8 years ago

UPDATE 1-Pristine Power posts bigger Q2 loss

* Q2 shr loss C$0.10 vs. C$0.06 loss yr ago

* Revenue up 11 pct

* General and administrative expenses rise 44 pct

Aug 7 (Reuters) - Pristine Power Inc PPX.TO on Friday posted a wider second-quarter loss hurt by higher expenses related to a larger staff and increased product development costs.

Net loss was C$3.1 million ($2.88 million), or 10 Canadian cents a share, for the three months ended June 30, 2009. That compares to a loss of C$1.9 million, or 6 Canadian cents a share, in the same period a year earlier. Revenue rose 11 percent to C$575,000.

Analysts on average expected the company to post a loss of 7 Canadian cents a share, before items, on revenue of C$1 million, according to Reuters Estimates. The company’s general and administrative expenses rose 44 percent to C$1.7 million in the quarter, while project development costs increased 13 percent to C$1.1 million.

Pristine, which owns and operates independent power plants, said construction of the C$207 million 84 MW East Windsor Cogeneration Centre remains on schedule and on budget.

Commissioning of the project is ongoing, and the facility is expected to commence commercial operations by the end of the third quarter of 2009, the company said in a statement.

Pristine Power’s shares, which have gained more than 17 percent in the past three months, closed at C$2.11 Thursday on the Toronto Stock Exchange. (Reporting by Chakradhar Adusumilli in Bangalore; Editing by Vikram S Subhedar)

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