Source - SMW
Mytrah Energy has swung to a FY pretax loss of $5.58m, from a profit of $0.46m.

The result saw revenue rise to $362.23m, from $74.72m, and it booked an operating profit of $77.72m, from $48.88m.

Depreciation and amortisation expense was $47.42m, from $16.4m, and finance costs totalled $81.84m, from $51.22m.

"Operating in a fast growing and rapidly developing country of 1.2bn people, Mytrah is ideally placed," the company said in a statement. 

"India is expected to grow at over 7% pa according to the IMF, and there is clear evidence that electricity consumption is correlated to GDP growth. 

"Both wind and solar power are faster to market and cost-competitive with alternative sources of power, which in India is primarily coal. As a result, the Government has set aggressive targets to deliver capacity addition in renewable energy.

"Mytrah is among the largest providers of renewable energy, has a strong pipeline of development options and deep capability across the entire value chain in both wind and solar. 

"This, combined with our proven financial capability, gives us a strong platform to continue to grow our business and create value for our investors."

At 9:57am: (LON:MYT) Mytrah Energy Ltd share price was +1p at 26.25p