June 12 (Renewables Now) - Indian renewable power producer Mytrah Energy Ltd (LON:MYT) posted a pre-tax loss of USD 5.58 million (EUR 5m) for 2016, against a USD-460,000 profit in 2015, as it said it has reached 1 GW of wind capacity ahead of target.
The pre-tax loss was affected by items including interest costs associated with not fully performing assets. On an underlying basis Mytrah made a pre-tax profit of USD 4.76 million, a rise of 121% over 2015.
Earnings before interest, tax, depreciation and amortisation (EBITDA) came in at USD 128.13 million, up 94% or 70% on a directly comparable basis.
In the 12-month period the company commissioned 417 MW of wind capacity, bringing its total to just above 1 GW ahead of its target of mid-2017. Annual revenue accordingly jumped 385% to USD 362.23 million. On a directly comparable basis revenue was up 63%.
The company noted that its 2016 results reflect the adoption of IFRIC 12 Service Concession Arrangement accounting, which has had an effect on revenues and has accelerated depreciation/amortisation.
Performance was helped by better wind conditions in India leading to a 7% like-for-like increase in power production.
In addition to significantly expanding its wind capacity in 2016, Mytrah signed 140 MW of solar power purchase agreements (PPA) and is now working on 422 MW of solar projects.
(USD 1 = EUR 0.892)