Mytrah Energy net profit falls 30% in H1 2014

Sep 24, 2014 - Indian wind farm developer Mytrah Energy Ltd (LON:MYT) said today its net profit for the first half of 2014 declined 29.8% on the year to USD-2.71-million (EUR 2.1m).

The firm booked a profit before tax (PBT), excluding exceptional items, of USD 5.9 million, up from USD 5.2 million in the first six months of 2013. Including USD 2.6 million worth of one-offs, Mytrah Energy’s PBT reached USD 3.3 million. The comparable figure from the corresponding period of 2013 is USD 4.65 million.

January-June earnings before interest, tax, depreciation and amortisation (EBITDA) rose 11.6% year-on-year to USD 28 million. Revenues from continuing operations went up by 7.4% to USD 29.4 million. The company managed to register good results, despite speculations for a late and weak monsoon, it noted.

The firm currently has 524.85 MW of operating wind power plants, including 8.35 MW under stabilisation. Mytrah also has 23.25 MW of wind farms under final stages of construction. For comparison, the company’s capacity amounted to 309 MW at the end of the corresponding period of 2013.

Just recently, Mytrah secured USD 142 million of senior loans for new projects.

(USD 1.0 = EUR 0.778)

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