21st Nov 2013 10:00
LONDON (Alliance News) - OPG Power Ventures PLC Thursday said its pretax profit tripled in its first half as the company ramped up operations in India ahead of schedule.
The power generation plant developer and operator in India said pretax profit rose to GBP7.6 million for the six months ended September 30 from GBP2.5 million the previous year.
The company said its sales almost tripled to GBP47.7 million from GBP17.8 million during the period as the company achieved strong performances from its operating assets Chennai I and Channai II, the commissioning of its Chennai III plant three months ahead of schedule in Gujarat.
Additionally, the company said that if it wasn't for a 25% depreciation in the average rupee/sterling exchange rate, the company would have achieved a significantly higher revenue figure.
However, OPG's cost of sales also vastly increased to GBP31.1 million from GBP11.4 million due to the increase in the scale of operations at the company and increased foreign exchange costs on imported coal.
The company also said it is well positioned to bring 460 megawatts of additional capacity to the company, currently in construction, which is expected to be commissioned in 2014.
OPG Power Ventures shares were up 8.8% to 63.94 pence, putting it in the top ten AIM movers in early trading Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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