Indian Greenko Group boosts H1 FY 2010/11 net profit

(ADPnews) - Dec 16, 2010 - Indian green energy firm Greenko Group PLC (LON:GKO) saw its net profit for the six months to September 30 rise to EUR 7.8 million (USD 10.4m) from EUR 770,000 a year ago, as portfolio capacity reached 811 MW, driven by hydropower asset buys and the firm's entry into the wind power sector.

"[Greenko] is actively progressing towards its mid-term target of 1 GW operational capacity," said Anil Chalamalasetty, chief executive and managing director of the company.

Earnings before interest, tax, depreciation and amortisation (EBITDA) stood at EUR 11.4 million, a rise from EUR 2.7 million a year earlier, the company said in a statement on Wednesday.

Revenue for the period went up by 200% year-on-year to EUR 25.8 million.

The group's operational capacity improved to 183 MW, while portfolio capacity grew from 611 MW to 811 MW. At the end of the six-month period, Greenko's biomass capacity amounted to 41.5 MW, while natural gas capacity was 36.8 MW. Hydroelectric capacity reached 104.3 MW with the acquisition of two units with a combined capacity of 34 MW.

As of September 30, the group had 450 MW in advanced stages of development.

(EUR 1.0 = USD 1.336)

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