Indian subsidiary financial r

RNS Number : 3254V

KSK Power Ventur PLC

01 November 2010

 



1 November 2010

KSK Power Ventur plc
("KSKPV" or "the Company")

Indian subsidiary financial results (under Indian GAAP) for the  three months ended 
30 Sep 2010

KSK Power Ventur plc (KSK.L), the power project company listed on the London Stock Exchange, with interests in multiple power plants across India, is pleased to announce that its subsidiary, KSK Energy Ventures Limited ("KSKEV"), the equity shares of which are listed and traded on the National Stock Exchange of India Limited ("NSE") and the Bombay Stock Exchange Limited ("BSE"), has filed with the NSE and BSE on 30^th  October 2010, its unaudited financial results for the three months ended 30 September 2010.

Full details of the KSKEV unaudited results are available from the KSK section of the NSE website (www.nseindia.com) and the BSE website (www.bseindia.com).

Business update

  
The quarter witnessed stable tariff realization and enhanced gross generation to 680 mn kwh (Q2 2009:254 mn) , up from 438 mn kwh in Q1 and this is expected to further increase as more units are commissioned and generation activity stabilized. As a result, the consolidated income during the quarter ended 30 September 2010 was INR 2,848 million, up 135 % against the previous year of INR 1,214 million and almost fully covered by power generation activity alone. The quarter saw increasing fuel costs as well, as fuel was purchased in the market to bridge short term shortfalls. Resulting profit from operations was (before other income, interest and exceptional items) INR 1,221 million, up 74% against the previous year of INR 701 million.
 
Profit before tax was INR 704 million, up 39% against INR 505 million for the corresponding period last year. KSKEV experienced a consolidated profit after taxes (prior to minority interest) of INR 689 million, up 67% against a profit of INR 412 million in the previous period. This profit is shown as a minority interest, which represents the share of shareholders who consume power from various power plant companies but do not carry any economic entitlement to profits and this amount belongs exclusively to KSKEV.

The Company anticipates completion progress on Unit 3 prior to end December and thereafter Unit 4 prior to end of the current financial year.

For further information, please contact:

KSK Power Ventur plc Mr. S. Kishore, Executive Director Mr. K. A. Sastry, Executive Director	[phone]
Arden Partners plc                                                  Richard Day / Adrian Trimmings	[phone]
FinancialDynamics                                                       Jonathan Brill  / Edward Westropp	[phone]

 

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