Indian wind co Mytrah Energy's loss expands in H1 2016
Wind farm in India. Author: Yahoo. License: Creative Commons, Attribution 2.0 Generic
Indian wind farms operator Mytrah Energy Ltd (LON:MYT) saw its first-half 2016 after-tax loss widen to around USD 5.6 million (EUR 5.1m) from USD 2.47 million a year back, following a substantial year-on-year increase in finance costs.
The firm swung to a consolidated underlying profit before tax of USD 2.49 million from a USD-2.42-million deficit in the first half of 2015.
Underlying earnings before interest, tax, depreciation and amortisation (EBITDA) surged by 56% to USD 45.5 million over January-June 2015. In Indian Rupee terms, underlying EBITDA increased even further, or by 68%.
The company, which currently operates 917.2 MW of renewable energy assets at home, recorded revenues of USD 49.7 million. Its top line was 52% higher than a year earlier, it said.
Mytrah has secured financing for 237 MW of solar projects. About 87 MW of wind parks are under construction and well on the way to reach completion for the upcoming wind season in India.
The company also highlighted the completion of a USD-380-million refinancing of all the senior debt across 543 MW of operating wind farms.
“Looking at the second half, we expect that power generation will continue to reflect the good monsoon season across India as well as a strong asset performance,” chairman Ravi Kailas said.