KSK Power Ventur FY Pretax Profit $76.9M Vs $8.6M

12th Jul 2010 07:38

LONDON (Dow Jones)--KSK Power Ventur Plc (KSK.LN), a developer and operator of private power plants in India, announced Monday it made a pretax profit of $76.9 million for the 12 months ended Mar. 31, compared with $8.6 million. MAIN FACTS: -Pretax profit includes $31.8 million (2009: $1.0 million) on account of net foreign exchange gain primarily due to restatement of foreign currency facilities and EPC contractor retention monies on the Warora and Chattisgarh power projects. -Group revenue of $52.9 million (2009: $53.2 million) -2010 excludes revenue from two divested projects of RVK and KPCL that were included in previous year -Gross Profit increased 33% to $26.3 million (2009: $19.8 million) -Operating Profit increased 118% to $23.1 m (2009: $10.6 million) -Dividend: n/a -Earnings per share of $0.24 (2009: $0.04) -Operating capacity increased from 144 MW to 414 MW -Projects under construction and to commence power generation of 448 MW -Cumulative operational capacity of 862 MW expected to be complete before end of the current year -KSK Mahanadi, a 3,600 MW power plant in Chhattisgarh has begun construction following the EPC contract awarded in February 2009 and key subcontractors mobilized at site -KSK Dibbin, the 130 MW hydro power project in Arunachal Pradesh, work in progress on environmental clearance and EPC contractor selection -Additional thermal projects and hydro projects over 6 GW in the planning stage -New collaboration arrangements on additional coal blocks by KSK Mineral Resource subsidiary -Renewable energy business opportunities under exploration by the Group -The company remains on course to meet market expectations in 2011 and are confident in its ability to meet longer term goals. -Shares closed Friday at XX pence. -By Zechariah Hemans, Dow Jones Newswires; 44-20-7842-9411; [email protected] (END) Dow Jones Newswires July 12, 2010 02:38 ET (06:38 GMT)