Mytrah Energy Ltd (MYT)


Loss at half year for Mytrah Energy

Mytrah Energy has reported that for the six months ended 30 June 2015 revenue was $32.59 million, an increase of 10.7% over the comparative period (1H 2014: $29.43m).

Underlying loss before tax was $2.461.2m (1H 2014: underlying profit before tax $5.911.2m).

The company says it has now entered into solar power generation through participation in the Telangana capacity auction. Early indications are that Mytrah has won a substantial portion of the projects in its 350 MW bid.

Ravi Kailas, chairman and CEO said: "From a standing start just 4.5 years ago, Mytrah has grown to be one of the largest wind independent power producers ("IPPs") in India. The first half of 2015 has seen commissioning of 14.5MW to bring our operating capacity to 543MW and excellent progress on our new projects in construction.

"The sanction of senior loans for an additional 100MW brings our fully funded wind construction pipeline to 250MW, 200 MW of which we aim to commission before the wind season in 2016. We have also begun construction of a further 150 MW, and we are making good progress in negotiating the senior debt for this additional capacity.

"As part of the capacity expansion, we have formed new relationships with wind turbine manufactures General Electric and Inox Wind. Joining existing suppliers Gamesa, Regen and Suzlon, GE and Inox Wind provide further diversification in our turbine technology and security of supply for our construction pipeline.

"Our growing capacity and reputation has also enabled us to attract additional finance; $60m added to our India listed bond in 1H 2015 completes a total of $130 million raised since November 2014."

He added: "We believe that Mytrah's continued access to financing our strong pipeline of development opportunities and our proven execution capability, our strong pipeline of development opportunities will enable the Group to continue to grow rapidly and generate significant value for our shareholders."

At 10:35am: (LON:MYT) Mytrah Energy Ltd share price was 0p at 76.5p