LONDON Nov 26 Power plant operator and oil
refiner Essar Energy 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 Sept. 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 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.