Shares of India-based power producer Mytrah Energy shot through the roof after it posted a half year pre-tax profit compared to a loss the year before and said it expects to pay a maiden dividend in 2014.
The group posted a pre-tax profit of $11.7m in the six months ended September 30th 2012 compared to a loss of $420,166 a year earlier. Revenue in the period soared to $26.5m from $2.27m before.
“Mytrah has become profitable. This is a significant milestone that not only enables us to finance the roll out of our growth strategy going forward, but also serves to validate our business model that is focused on the commissioning of high quality, profit generating wind assets,” said Chairman and CEO
“At the same time, we are highly encouraged by the continued excellent performance of our operational assets which, despite the headwind of a strengthening USD, has led to our interim results being at the top end of the guidance we gave as recently as September 28th 2012,” he added.
Earnings before interest, taxes, depreciation and amortization, EBITDA, rose to $27.89m, an EBITDA margin of approximately 90% compared to $0.94m in 2011.
Looking ahead, Mytrah expects revenue generating installed capacity to almost double to over 600 MW over 11 sites by mid FY 2014. Development is also underway for delivery of a further 900 MW over the next two years.
“As a result, the board believes that Mytrah remains on course to become the largest wind Independent Power Producer in India,” it added.
Mytrah expects to pay a maiden dividend in the financial year 2014.