24th Sep 2014 11:03
LONDON (Alliance News) - Mytrah Energy Ltd Wednesday said it is poised to take advantage of India's ever increasing demand for power, as it reported a slight drop in profit for the first-half.
The company, which develops, owns and operates wind energy assets in India, posted pretax profit of USD3.3 million for the six months ended June 30, down from USD4.6 million a year earlier, as finance costs increased to USD17.3 million from USD15.3 million.
Revenue rose to 29.4 million from USD27.4 million, despite a fall in the average exchange rate between Indian rupee and US dollar to 60.6 at the period-end from 54.9 a year earlier.
These revenues were generated from the company's portfolio of commissioned projects in the states of Gujarat, Rajasthan, Maharashtra, Tamilnadu, Karnataka and Andhra Pradesh.
At an operating level, the company has added 238.2 megawatts of new capacity across three sites. Of this, 214.95 megawatt of assets are commissioned and started generating revenues. The remaining 23.25 megawatt assets are under final stages of construction and expected to be commissioned by the end of October.
"In an environment of ever increasing demand for power in India, the attraction of developing, owning and operating a diversified portfolio of wind assets puts Mytrah in a strong position for profitable and sustained growth," Chief Executive Ravi Kailas said in a statement.
"We believe that Mytrah's continued access to financing in India, from established relationships with major lenders in public and private sectors and our access to land facilities, enables us to take greater control over our roll-out schedule," he added.
Mytrah Energy shares were quoted up 0.7% at 84.57 pence Wednesday.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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