Mytrah Energy shares fall on first half loss

14th Aug 2015 13:11

(ShareCast News) - Shares in renewable energy provider Mytrah Energy lowered after the company posted a first half loss.Mytrah Energy traded at 75.45p at 1337 BST, losing 1.37% off its opening price. Underlying loss before tax was $2.46m, a smaller loss than $5.91m the year before.Revenue was up by 10.7% to $32.59m from $29.43m in the first half of 2014, which was a 3.16% lift year on year.Group revenues were up despite depreciation in the average exchange rate between the Indian rupee and the US dollar.Earnings per share were at $0.0108 from $0.0165 the year before.Mytrah had 543MW of revenue generating wind assets and another 200MW assets in construction on track for the 2016 wind season.Cantor Fitzgerald, which retained a 'buy' recommendation and target price of 130p said in a note the result reflected a flat period for the company."While the impact of the slower start to the monsoon season is evident in these results, the company's recent trading statement confirmed that July winds had picked up and we are keeping our forecasts unchanged," analysts at Cantor said.