CWCO shares slump as impairment losses mount
Consolidated Water shares were marked down more than 10% this morning on the back of a shaky set of quarterly results which saw the company slump to a net loss of $0.13 per share from net income of $0.12 per share this time last year.
The upset was down to a clutch of impairment losses, including $2 million relating to the company’s loss-making desalination operation in Bali (Indonesia), a $1.75 million goodwill impairment charge relating to the acquisition of 51% of Aerex, and an $875,000 impairment loss in connection with CWCO’s equity investment in OC-BVI (where the company is trying to negotiate a 14-year extension of its desalination O&M agreement at Bar Bay).
It raises the question of whether the inevitably significant distraction of getting the flagship Rosarito desalination contract in Mexico up and running meant that company management took its eye off what was happening elsewhere in the portfolio.
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