KSK Power Ventures;
Great Interims;
For Immediate Release 20th December 2006
KSK Power Ventur plc
('KSK', the 'Company' or the ' Group')
Maiden interim results for the six months ended 30 September 2006
Introduction
KSK Power Ventur plc (AIM: KSK.L), the power project development company with
interests in multiple power plants across India, floated on the AIM market of
the London Stock Exchange in November 2006, raising 30.9 million.
The company today announces its maiden interim financial results for the six
months ended 30 September 2006.
Highlights:
Successful flotation on AIM raising 30.9 m
Consolidated Revenues of USD 3.12 million; gross profit of USD 1.59
million*; net loss of USD 1.3 million**
43 MW Arasmeta Captive power plant for Lafarge India became fully
operational during the period
Captive power plants of Sai Regency & Sitapuram are progressing well and
are expected to be operational before end of the financial year
Additional expansion to double the size of the current 43MW power plant
in Arasmeta
Government of India's economic growth projections for the country have
risen to more than 9% per year
* after cost of sales but before administrative, financing and Depreciation
expenses
** after all expenses including taxes
Commenting on the results, T L Sankar, Chairman of KSK said:
'Since our successful IPO we have continued to maintain momentum in the further
development of all of our projects, as well as making further progress in our
core fuel supply relationships. The buoyant Indian economy continues to underpin
our growth and is showing signs of further acceleration. In the past six months
we have seen the completion of the Arasmeta captive power plant for Lafarge and
the further development of our first hydro electric plant initiative.
'These are exciting times for the Company and with additional power plants due
to open in the second half, and a number of further projects underway, we remain
confident in our growth prospects and in our ability to meet expectations for
the full year.'
For further information, please contact:
http://ksk.co.in