Spain's green energy company Abengoa losses 3.689 bln euros in 2016 first semester

Spanish Green Energy company Abengoa registered losses of 3.689 billion euros (about 4.13 billion U.S. dollars) in the first semester of the year, the company announced on Friday.

According to the company, the losses were due to the damage of the company's assets and the restructuring process the company is going through, which slowed down Abengoa's businesses.

Abengoa's turnover fell by 63 percent to 1.215 billion euros in the first six months of 2016 due to liquidity constraints resulting from the restructuring process.

Meanwhile, the damage of assets within the bioenergy business, solar power facilities in Chile and South Africa as well as transmission lines in Brazil also had a big impact on the company's results.

Abengoa had lost 340 million euros in the first quarter of this year and 1.213 billion euros in 2015.

The company reached an agreement with creditors in August, 2016, in order to avoid what could be Spain's largest corporate bankruptcy. It had started pre-insolvency proceedings in November, 2015, after a potential investor cancelled its investment.

The company, which was born in 1941, works in more than 80 countries. It employed 24,306 people worldwide, but due to the restructuring process it has already cut at least 11,000 jobs.

Source : XINHUA