UPDATE 1-Camco profit surges; carbon price uncertainty prevails

* H1 profit 3 mln euros vs 0.6 mln euros

* Revenue up 47 pct at 16.2 mln euros

Sept 13 (Reuters) – Camco International’s
first-half profit rose five times, boosted by its carbon
projects, but the British clean energy project developer said
carbon price volatility could impact its profits.

Carbon prices have fallen steeply since June, with
U.N.-backed certified emissions reductions (CERs) slumping
around 20 percent this year due to fears about the over-supply
of credits and on bearish policy and economic factors.

The company, which derives majority of its revenue from its
carbon project segment, had a net cash of 14.9 million euros
($20.3 million), compared to 17.8 million euros last year.

January-June profit after tax rose to 3 million euros from
0.6 million euros last year. Revenue was up 47 percent at 16.2
million euros.

Camco develops clean energy projects under both the Kyoto
Protocol and the unregulated voluntary carbon offset market. In
return, it receives carbon credits which it can trade.

The company has clients like the World Bank, the European
Commission, Land Rover and other power and utility companies.

Camco shares, which have shed 27 percent of their value
since the company expanded its carbon portfolio in July, closed
at 14.125 pence on Monday on the London Stock Exchange.

($1 = 0.735 Euros)
(Reporting by Juhi Arora in Bangalore; Editing by Maju Samuel)