Mytrah Energy Pretax Profit Falls Despite 65% Revenue Increase

LONDON (Alliance News) - Mytrah Energy Ltd Monday said its pretax profit fell 36% in its full year 2013 as costs offset increased revenues during the year.

The India-based independent power producer said its pretax profit fell to USD8.4 million in 2013 from USD13.2 million for the nine months ended December 31, 2012, despite a 65% increase in revenues to USD50.9 million from USD30.9 million in 2012.

The company said its revenues increased due to a 71% increase in units generated during the year due to an increase in average operational capacity and an increase in average plant load factors.

However, Mytrah said its cost of sales increased 55% to USD8.2 million from USD5.3 million the previous nine months and its finance costs increased 74% to USD29.0 million from USD16.7 million, leading to the fall in pretax profit.

Mytra said that, when adjusted by the removal of one-off costs from the 2013 results and a one-off gain from the 2012 results, pretax profit showed an increase to USD10.7 million from USD5.2 million.

Mytrah added that it currently has 459.75 megawatts of fully operational capacity and 88.35 megawatts under final stages of construction, while performance of operational projects are slightly ahead of expectations.

The company said machine availability at its Jamanwada, Gujarat and Kaladongar, Rajasthan sites was approximately 90% for the 2013 wind season, but the sites have now been stabilised and it expects the performance at these sites also to be ahead of its expectations during 2014.

Mytrah shares were down 5.8% to 85.25 pence Monday.

By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1

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