Indian Energy Loss Widens On Listing Costs, Eyes New Projects

13th Jul 2010 08:18

LONDON (Dow Jones)--Wind power company Indian Energy Ltd. (IEL.LN) Tuesday reported a wider fiscal-year loss due to the cost of joining the stock market, and said it is on track to hitting its target of being able to generate 300 megawatts of electricity by 2013. The company, which operates wind farms in India, said it is evaluating new projects. Indian Energy added it agreed a GBP2 million loan from shareholder Utilico Emerging Markets Ltd. (UEM.LN) to pay for options on new wind projects. It said it is looking at ways to raise extra capital. Indian Energy reported a pretax loss of GBP3.61 million for the year to March 31, compared to a loss of GBP1.41 million a year earlier. Revenue almost doubled to GBP2.21 million from GBP1.14 million due to production from a wind farm at Gadag Plains. Indian Energy raised GBP9.75 million in September 2009 in an initial public offering on London's junior Alternative Investment Market. GBP1.14 million in costs associated with the listing weighed on earnings, it said. -By Jason Douglas, Dow Jones Newswires; 44-20-7842-9272; [email protected] Order free Annual Report for Utilico Emerging Markets Ltd Visit http://djnweurope.ar.wilink.com/?ticker=BMG931151069 or call +44 (0)208 391 6028 (END) Dow Jones Newswires July 13, 2010 03:18 ET (07:18 GMT)