RNS Number : 5803T
KSK Power Ventur PLC
21 July 2015
KSK Power Ventur PLC
21 July 2015
KSK Power Ventur plc
('KSK' or the 'Group' or the 'Company')
Audited Results for the year ended 31 March 2015
KSK Power Ventur plc (KSK.L), the power project company listed on the London Stock Exchange, with interests in multiple power plants and businesses across India, announces the consolidated audited results for the year ended 31 March 2015.
Financial Highlights
·Gross Revenue increased by 13.8% to $ 382.3 m (2014: $ 335.9 m)
·Gross Profit increased by 13.3% to $ 103.3 m (2014: $ 91.1 m)
·Operating Profit* decreased by 30.1% to $ 40.6 m (2013: $ 58.0 m)
·Loss before tax** moved to a loss of $ 160.1 m (2014: loss of $ 72.1 m)
·Investments in Property Plant and Equipment increased
7.5% to $ 3,457 m (2014: $ 3,215 m)
* Includes the provision of a $ 24.59 million impairment in respect of coal compensation at Sai Wardha based on the understanding that rather than an immediate cash refund, the coal supplier would prefer to pass on the benefit to the Company in the form of revised discounted price charge mechanism for coal supplies over the balance of the fuel supply period.
**This includes an unrealised exchange loss of $ 33.16 million on account of the restatement of the foreign currencymismatches in meeting overall financing costs. As a result, while the underlying revenue and gross profit growth compared to the previous year shows an increase, there has been a decrease in operating profit and an increase in the loss before tax

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