Essar Energy profit up on Stanlow boost
LONDON (Reuters) - Power plant operator and oil refiner Essar EnergyESSR.L reported an 18 percent rise in core earnings for the first-half as the benefit of a contribution from its British Stanlow refinery offset its struggling Indian power business.
The company, which is 77 percent-owned by privately held Indian conglomerate Essar Group, said operational earnings before interest, tax, depreciation and amortisation (EBITDA) was $383 million for the six months ended September 30.
The company, which recently changed its accounting period, reported operational EBITDA of $324 million in the six months to June 30, 2011.
Essar said Stanlow, the second largest UK refinery which Essar acquired from Royal Dutch Shell (RDSa.L) last year, had operational EBITDA of $132 million in the first half.
The company's power business continues to be hit by regulatory and coal supply issues in India, where it is struggling to obtain the permits it requires to mine the coal needed to fuel its stations.
- Tweet this
- Share this
- Digg this
- Wal-Mart and allies in face-off with Apple Pay over mobile payments
- Islamic State kills 220 Iraqis from tribe that opposed them
- India's universal healthcare rollout to cost $26 billion
- PM Modi boots officials out of the first class cabin
- Bharti Airtel Q2 net profit doubles as India market turns corner
India's universal health plan that aims to offer guaranteed benefits to a sixth of the world's population will cost an estimated 1.6 trillion rupees ($26 billion) over the next four years, a senior health ministry official said. Full Article