OPG Power Ventures PLC - Indian power plant operator - Pretax profit in its financial year ended March 31 down 14% to GBP14.5 million from GBP16.9 million the year prior. This is despite revenue increasing 9.5% to GBP154.0 million from GBP140.6 million, as total generation rose to 2.72 billion units from 2.71 billion units. Says fall in profit due to increased provision for expected credit loss.
Looking ahead, Chair Arvind Gupta says: "We expect that the company's financial 2021 generation and average realised tariff will reduce in comparison with financial 2020. However, the company is likely to benefit from the projected lower coal prices and freight rates and remains profitable."
The company states it expects to resume dividend payments in the medium term. For financial 2019, OPG declared a full year scrip dividend of 0.6 pence.
Cash held as at March-end was GBP3.4 million, up from GBP2.1 million at March, 31, 2019.
Current stock price: 11.25p
Year-to-date change: down 32%
By Ife Taiwo; ifetaiwo@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
Opg Power (OPG)