KSK Power shares fall as loss widens

21st Jul 2015 09:49

(ShareCast News) - KSK Power Venture's share price dipped after the firm widened its pre-tax loss in its full year results.Shares were down 2.63% to 37p at 08:00 BST after the India based firm said it furthered its pre-tax loss by 122% from $72.1m to $160.1m.The energy firm took a $24.59m impairment hit for coal compensation its Sai Wardha plant, and said overall plant load factor was lower than expected.The power firm also said operations at KSK Mahanadi were restricted by national grid constraints, which resulted in mismatches in financing and contributed to the loss.The company had posted gross revenue up 13.8% from $335.9m in 2014 to $382.3m.The board said in the short term revenues and underlying profits would remain below the board's initial expectations, but in the long term such expectations were to be met gradually.The company said was well positioned to take advantage of unfulfilled demand for power generation in India.