Mytrah Energy Ltd (MYT)


Mytrah Energy earnings up 56%

Mytrah Energy's revenue rose to US$49.66m in the six months to the end of June an increase of 52% on last time.

Underlying EBITDA increased by 56% to of $5.54m. In Indian rupee terms revenue increased by 63% and underlying EBITDA rose by 68%.

Chairman Ravi Kailas said: "We are pleased to report that the performance of our portfolio has been strong in the first half, reflecting the quality of our assets and our focus on driving operational performance. The first half of 2016 saw the commissioning of 295MW, bringing our operating capacity to 877.9MW at the end of the period, which was significantly ahead of our initial target.

"We have made excellent progress with the construction of our new wind and solar projects and added further wind capacity post period-end, taking our wind portfolio to 917.2 MW. With a further 87 MW of projects currently under construction we are on track to meet our 1000 MW target by mid-2017.

"A number of significant milestones were achieved in the period. The US$380m refinancing and the Asian Development Bank funding were great achievements by Mytrah and are testament to the skill and tenacity of our financing team.

"Post period-end, one of our subsidiaries has successfully signed a definitive agreement with GE, whereby GE has agreed to invest up to $31m to support the development of a 200 MW wind energy project in Andhra Pradesh. Post period-end, MEIPL has fully repaid the mezzanine debt of $14.91m outstanding with PTC India Financial Services.

"Our new solar business has made sound progress during the period and has secured long term PPAs for 422 MW to date, of which we have achieved financial closure for 237 MW. The Company has also signed contracts with suppliers for the supply of 175MW solar modules and 150MW solar inverters. We look forward to the solar projects progressing through to construction once regulatory and land approvals are completed."

At 8:03am: (LON:MYT) Mytrah Energy Ltd share price was +1.63p at 58.5p