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.
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Prime Minister Narendra Modi will promise on Thursday to provide a bank account for every Indian household when he launches a major initiative that could save billions of dollars in welfare spending and help mend strained state finances. Full Article