Australia's MPower Group surges to 1-yr high on profit from acquisition
10/08/2023 06:09
** Shares of MPower Group Ltd MPR.AX surge as much as 40%
to A$0.028, hitting their highest since Aug. 1, 2022
** Power solutions company says it recognised A$6.1 mln
($3.99 mln) in profit on acquiring Lakeland Solar and Battery
project, Queensland
** Says, will include gain in FY23 accounts, reflecting
operational & financial improvements successfully implemented by
co at time of acquisition
** Adds, project generated A$1.7 mln in revenue within first
12 months under MPR's control, in line with projected revenue
** Stock has risen 25% so far this year, as of last close
($1 = 1.5302 Australian dollars)
(Reporting by Shivangi Lahiri in Bengaluru)
((Shivangi.Lahiri@thomsonreuters.com;))