APR says 2014 net income to be below estimates on Libya woes

(Adds details, analyst comment, share movement)

March 6 (Reuters) - APR Energy Plc (Other OTC: APRYF - news) said its net income for 2014 would be significantly below market expectations due to likely provisions to compensate for losses as it pulls out of Libya, sending its shares down as much as 25 percent.

The company, which rents out turbines and generators to overcome power shortages, said it also expected to take significant non-cash impairment charges.

APR shares touched a low of 301 pence and were among the top percentage losers on the London Stock Exchange (Other OTC: LDNXF - news) on Friday.

The concerns over non-payment of outstanding receivables in Libya is not entirely unexpected, "but will not help share price sentiment, and put further pressure on the ability of the balance sheet to recover," said analyst Steve Woolf of Numis Securities.

Analysts on average were expecting APR's net income at $60.50 million for the year ended Dec. 31, according to Thomson Reuters I/B/E/S.

Jacksonville, Florida-based APR's focus on emerging markets has left it exposed to political risk in countries such as Libya, where rival governments vie for control of vast energy fields more than three years after veteran leader Muammar Gaddafi was overthrown.

Libya accounted for about a quarter of APR's total sales of $308 million in 2013 and was instrumental in the company turning a profit that year. In June 2013, the size of the contract was increased to 450 megawatts from 250 megawatts.

In December, the company cut its 2014 adjusted core earnings target, citing Libya woes.

APR shares partly recovered and were down 13 percent at 347.25 pence at 0900 GMT. The stock has lost over 65 percent since touching its all-time high in October 2013. (Reporting by Aastha Agnihotri in Bengaluru; Editing by Gopakumar Warrier)