Company looks like it has major problems.
Last year it boosted profits by running the gain on sale from Bay of Plenty energy above the line. There seems no justification for doing this.
The Wind Industry is brutally competitive and absorbs massive amounts of capital. There are plenty of competors such as HEC, Stanwell Corporation, Trust Power and ANZ Wind. PHY has no technical, locational or commercial advantage.
The rising Aussie dollar will diminish returns from their Phillipines plant.
The capital requirement for expansion will soon demand yet another dilutive equity raising.
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