Mytrah Energy Ltd (MYT)

 

LSE:MYT: Update and Possible Changes in Accounting Policies

Mytrah Energy Ltd

01 Feb 2017 07:00:08

Mytrah Energy Ltd

RNS Number : 6669V
Mytrah Energy Ltd
01 February 2017
 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN

 

1 February 2017

Mytrah Energy Limited

("Mytrah" or the "Company")

 

Trading Update and Possible Changes in Accounting Policies

 

 

Mytrah, the India-based renewable focused Independent Power Producer, announced on 19 December 2016 that its operational performance was on track to achieve management expectations for the 2016 financial year. The Company confirms that it expects to report 2016 revenue and EBITDA in line with expectations.

 

As a result of changes in Indian law, new accounting rules are applicable to the Indian subsidiaries for the first time.  Accordingly, in line with Mytrah's continued commitment to good governance and prudent accounting, the Board is currently considering whether it is appropriate to revise the Company's accounting policies in relation to revenue recognition and depreciation of Property, Plant and Equipment. Any changes may result in a significant additional non-cash charge to the income statement in 2016.

 

The final decision regarding any changes in accounting policies would be taken at the time of finalisation of the consolidated audited financial results for the year ended 31 December 2016, which will be announced in due course.

 

For further information please visit www.mytrah.com or contact:

 

Mytrah Energy Limited

Ravi Kailas / Bob Smith        

                             

+44 (0)20 3402 5790

 

Investec Bank plc

Chris Sim / Jeremy Ellis        

                            

+44 (0)20 7597 4000

 

Mirabaud Securities LLP

Peter Krens / Rory Scott                                     

+44 (0)20 7878 3360

 



Yellow Jersey PR Limited

Charles Goodwin / Dominic Barretto

                   

+44 (0)7747 788 221

 

 

About Mytrah Energy Limited

 

Mytrah Energy Limited (AIM: MYT) is one of the largest Independent Power Producers ('IPP') in renewable energy in India, with a portfolio of wind power generation assets across 16 farms and 8 states. The Company has 215 wind masts installed across multiple states in India, providing a pool of information from which to select its future projects. Mytrah currently has an active development pipeline of about 3000 MW of wind and 500 MW of solar.


This information is provided by RNS
The company news service from the London Stock Exchange
 
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