OPG Power sees marked increase in earnings
The developer and operator of group captive power plants in India also announces in results for the six months ended 30th September 2011 that profit attributable to shareholders is up 35% and EPS up 11% (on a higher capital base)
The company reported cash & cash equivalents of £66.84m; long- term borrowings of £62.78m
Commenting on the results, M C Gupta, Chairman said: "I'm pleased to report that OPG has continued its expansion programme and announced further growth during this period that keeps us on track to achieve our targeted capacity of 1,250 MW by 2015.
"Our current trading environment remains challenging but during the half year OPG demonstrated the resilience and flexibility of our assets and our operating model."
"We are confident about our ability to maintain our operating margins through the remainder of the year. Most importantly, with our growth projects on track and the fundamentals of the power sector in India remaining intact, I believe we continue to be well placed for the longer term.
"This is particularly so given the positive structural developments now taking place in our sector such as those relating to a move to more realistic utility power tariffs."
At 9:33am: [LON:OPG] share price was -2p at 50p
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