27th Nov 2018 10:38
LONDON (Alliance News) - OPG Power Ventures PLC on Tuesday reported a jump in profit in the first half of its current financial year, thanks to the rise in electricity price and higher generation volumes.
The stock was up 16% on Tuesday at 12.74 pence per share.
The operator of power generation plants in India said pretax profit rose 74% to GBP7.3 million in the six months to the end of September from GBP4.2 million reported for the same period a year ago.
Revenue increased by 17% to GBP77.9 million from GBP66.5 million year-on-year as total generation improved to 1.55 billion units from 1.42 billion units.
This increase in generation was primarily due to higher plant availability and increased demand by industrial customers, the company said.
The average tariff charged by OPG Power's Chennai plant increased by 5.7% in the first half from a year ago. The average tariff increased a further in October, OPG Power said.
"We are pleased to have continued with our strong operational performance and maximised volumes from our Chennai plant," said Chairman Arvind Gupta.
"Healthy operational performance, an increase in tariffs and continued reduction in coal prices keep us optimistic about the prospects for the company in financial 2019," added Gupta.
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