Friday September 30, 11:30 AM

MCC cuts losses, invests in Asia

LONDON (ShareCast) - MCC Energy (LSE: MCCE.L - news), the energy investment group, slashed losses over the first half as the firm continued to make strategic
investments.

MCC, which is proposing to change its name to Tersus Energy, said pre-tax losses came in at £0.31m for the first half to June from a loss of £1.21m last time.

The company, which raised £3m in its flotation in February, said revenue arrived at £1.26m for the first half compared with £0.11m last time.

Non-executive chairman John Devaney said, "Since listing, we have acquired Navitas Technologies, a battery efficiency technology platform, and most recently we have invested in DynaMotive, a Canadian biofuel company."

"We are making significant progress in negotiating further investments across a number of platforms in the energy efficiency and alternative/renewable energy sectors," added Devaney.

The investment strategy shows no sign of slowing down as MCC, which still has net cash of £1.58m in the bank, said today it would invest $0.5m in Asian renewables technology firm Tang Group and was committed to invest a further $0.5m.

"We expect to report continued progress through the remainder of 2005 and into 2006," said MCC Group.

http://uk.biz.yahoo.com/050930/214/ftcpy.html