Despite the big write-down, the green power producer said pre-tax profit was $13.9 million on revenue of $62.9 million, an 8% increase on the corresponding period last year. In addition, operating cash flow increased by 82% to $31.7 million.

Earnings per share before significant items were 9.2 cents per share compared to 7.9 cps in the corresponding period.

Energy Development's new managing director, Chris Laurie, said he was pleased with the underlying earnings improvement for the six months, however, he vowed to focus on lowering costs, improving overall cash flow and resolving overseas landfill gas engine performance issues to restore shareholder confidence.

Energy Development is down 4c and is currently trading at $1.80.