Spain's Abengoa Posts 3.7-bln-euro Net Loss In First Half

MADRID, , (UrduPoint / Pakistan Point News - 30th Sep, 2016 ) - Spain's debt-laden energy giant Abengoa on Friday posted a 3.7-billion-euro ($4.2-billion) net loss in the first half of 2016, as it seeks to seal a deal with creditors to ward off bankruptcy.

A "general slowdown in business" contributed to the result, the Seville-based group said in statement, which compares to a 72-million-euro profit at the same time last year. The renewable energy firm has until an October 25 deadline for creditors and investors to sign off on a debt restructuring agreement it finalised in August that would see it receive a cash injection of 650 million euros.

The group announced last year that it was filing for preliminary protection from creditors following years of frenzied, unsustainable expansion worldwide.

Abengoa's mammoth financial difficulties have affected several of its projects around the world, which it has either been unable to keep constructing or operating.

In the statement, the group singled out bioethanol plants in the United States and Europe, solar power facilities in Chile and South Africa, and electricity transmission lines in Brazil. It added that overall turnover reached 1.2 billion Euros in the first half of the year, close to three times less than the same time in 2015.