30th Sep 2015 14:22
LONDON (Alliance News) - India-focused clean energy company Greenko Group PLC on Wednesday said it made to a big pretax loss in the first half due to massive exceptional writedowns.
Greenko said its pretax loss for the six months to the end of June was USD114.7 million, compared to a USD23.9 million profit it made in the nine months to the end of December. The company recently shifted its financial year to the calendar year so didn't provide direct comparatives for its results.
The loss was due to a USD98.6 million loss the company booked on the fair value of conversion instruments it entered into with GEEMF III GK Holdings MU and Cambourne Investments Pvt Ltd.
That fair value writedown came as revenue for the company came in at USD56.1 million for the six months to the end of June. For the nine months to the end of December, revenue was USD100.2 million.
Greeko said it commissioned two wind projects in the half, bringing its operating wind portfolio to 502 megawatts. Its hydropower portfolio also increased, up to 258MW, following the acquisition of the Swasti Hydro asset.
In August, the company signed non-binding heads of terms to sell all of its stake in Greenko Mauritius for around GBP162.8 million to an affiliate of the Government of Singapore Investment Corporation Pte Ltd. It said the sale is progressing and it expects to be able to present the sale proposal to shareholders in the near future.
Shares in Greenko were up 11% to 73.00 pence on Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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