APR increases 2012 CapEx to $290-310 million

Power rental company APR Energy has increased its planned capital investment for the full year to US$290-310 million, up from the $230-260 million indicated earlier this year.

The company said in its half-year financial statement that the increased spending would help it exploit opportunities for natural gas and dual fuel turbine temporary power projects. Spending in the first half of the year was $147.1 million.

APR is growing its power fleet aggressively and now has total capacity of 1052 MW. Its order book stands at 9082 MW-months, an increase of 41% since the end of 2011. The company signed 344 MW of new contracts and 356 MW of contract extensions during the first half of the year.

Pro forma revenues for the six months to 30 June this year were $155.0 million compared to $59.1 million in the same period of 2011. Pro forma net profits - excluding one off charges such as a one-time transaction cost of $30 million - rose to $46.8 million. The company reported a net loss of $6.9 million for the period.

APR said the outlook for the company remained good. Its new hubs in Panama and Dubai have helped the company win contracts in the Middle East and Asia, and it said it expected the same impact for the new hub in Malaysia, which will be opened in September.

Meanwhile, APR announced that Rick Greene, its chief financial officer, will leave the company on 30 September to pursue other interest. He will be replaced by current vice president of finance Andrew Martinez. Mr Martinez joined APR in October 2011 and has worked for Cendant Corp, PricewaterhouseCoopers and Ernst & Young.