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Mytrah Energy Shares Jump On 34% Pretax Profit Increase

According to reports, Mytrah Energy Limited Monday said pretax profit increased 34% in its first-half as a significant increase in sales offset heavy finance costs.

The India-based power producer said its pretax profit increased to USD4.7 million from USD3.1 million for the six months to June 30.

The company said sales rose by 70% to USD27.4 million from USD16.1 million as the company increased its wind-generating assets to 309.9 megawatts.

Mytrah was hit by a one-off finance cost of USD15.3 million, compared to USD6.2 million the previous year, as higher borrowing costs and interest on the company’s borrowings increased significantly.

The company said it expects the high margins to be maintained if not improved upon in the upon in the future.

Mytrah Energy shares were up 8.4% to 90.00 pence Monday.

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