ERM Power to sell US business after full-year loss widens
Angela Macdonald-SmithSenior resources writer
Updated
Business electricity retailer ERM Power will sell its growing but unprofitable US business and rein back its operations to focus solely on Australia, where operations performed more strongly than expected in the full year.
ERM shares jumped as much as 11.5 per cent to $1.505 after the Queensland-based company reported a rebound in underlying profit, to $30.2 million, from a $16.1 million loss a year earlier.
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Angela Macdonald-Smith writes on the resources industry with a focus on energy, including gas, oil, electricity and renewables. Connect with Angela on Twitter. Email Angela at amacdonald-smith@afr.com
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