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Synex International Inc
Symbol SXI
Shares Issued 39,465,339
Close 2020-01-31 C$ 0.19
Recent Sedar Documents

Synex earns $285,512 in Q2 fiscal 2020

2020-02-12 18:47 ET - News Release

Mr. Daniel Russell reports

SYNEX INTERNATIONAL INC. SECOND QUARTER OF FISCAL 2020

For the three months ended Dec. 31, 2019 (second quarter 2020), Synex International Inc.'s revenue decreased to $929,014 from $1,110,862 in the corresponding period in fiscal 2019 (second quarter 2019). Electricity sales from second quarter 2020 were $898,463, which is $157,911 lower than second quarter 2019. For the six months ended Dec. 31, 2019, revenue decreased to $1,354,783 from $1,522,470 in the corresponding period in fiscal 2019. Electricity sales for the six months ended Dec. 31, 2019, were $1,286,988, which is $69,327 lower than the corresponding period in fiscal 2019.

The net income attributable to shareholders of Synex for second quarter 2020 was $285,512 as compared with the net income attributable to shareholders of $3,728 for second quarter 2019. The net income per share in second quarter 2020 was one cent as compared with nil in second quarter 2019.

The capital expenditures in respect of the development of run-of-river hydro projects in British Columbia for second quarter 2020 were $53,925 as compared with $63,223 for second quarter 2019. The capital expenditures in respect of the development of run-of-river hydro projects in British Columbia for the six months ended Dec. 31, 2019, were $60,430 as compared with $123,393 for the six months ended Dec. 31, 2018.

At Dec. 31, 2019, the company had a cash balance of $495,757 as compared with $499,436 at June 30, 2019. The total loan principal outstanding to Canadian Western Bank was $13,828,088 at Dec. 31, 2019, as compared with $13,794,104 at June 30, 2019. Loans payable at Dec. 31, 2019, included a current portion of $13,366,299 and a non-current portion of $461,789.

The company is a run-of-river hydro developer, operator and engineering firm. The company wholly owns or has a proportionate interest in a net total 12 megawatts of operating facilities in British Columbia, and a Vancouver Island grid connection and utility carrying on business as Kyuquot Utility. The company also has 9.4 megawatts of construction-ready run-of-river projects, and applications and land tenures on another 24 potential hydroelectric sites totalling over 150 megawatts of installed capacity in British Columbia.

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