Last checked at 1 Feb 2010 12:48
KSK Power Ventur plc ("KSKPV" or "the Company")
Indian subsidiary financial results (under Indian GAAP) for the 3 months ended 31 December 2009
KSK Power Ventur plc (AIM: KSK.L), the power project company listed on the AIM market of the London Stock Exchange, with interests in multiple power plants across India, is pleased to announce that its subsidiary, KSK Energy Ventures Limited ("KSKEV"), the equity shares of which are listed and traded on the National Stock Exchange of India Limited ("NSE") and the Bombay Stock Exchange Limited ("BSE"), has filed with the NSE and BSE on 30 January 2010 its unaudited financial results for the three months ended 31 December 2009. KSKPV holds 51.32 per cent of the shares of KSKEV. Full details of the KSKEV unaudited results are available from the KSK section of the NSE website (www.nseindia.com) and the BSE website (www.bseindia.com).
Business update
KSKPV is pleased to note the forward movement of the business and potential of its Indian subsidiary, KSKEV, with respect to the underlying business. The power generation activities, with associated revenues and profitability has displayed robustness with the very good plant load factors of the two coal fired projects of Arasmeta and Sitapuram and comparatively lower level for the gas based plant of Sai Regency. As a result, the consolidated income during the quarter ended 31 December 2009 was INR 874 million, up 35% against previous year of INR 646 million and this income was entirely contributed by power generation activity.
PBIT was INR 351 million, marginally up against INR 348 million for the corresponding period last year. KSKEV experienced a consolidated loss of INR 49 million as against a profit of INR 36 million in the previous period. While the project development fees for the nine months has reflected a positive trend in aggregate, as has been previously announced, the third quarter (Oct to Dec 2009) has not experienced the achievement of certain project development milestones at Lignite and Wardha and hence no corresponding accruals of project development fees. This has resulted in negative profitability for the quarter. We anticipate that the fourth quarter would be a substantial period of growth and overall revenues for the full year would be in line with expectation. We expect to release a further operational update on KSKEV, its underlying power plants and the wider business initiatives of the Group in due course.
For further information, please contact: www.ksk.co.in
KSK Power Ventur plc +(91) 40 2355 9922 - 25
S. Kishore, Executive Director
K.A. Sastry, Executive Director
Arden Partners plc +44(0) 20 7614 5900
Richard Day
Adrian Trimmings