India's Reliance Energy H1 net up on higher electricity prices, interest income |
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Wed, 17 Oct 2007 09:00
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MUMBAI (Thomson Financial) - India's Reliance Energy Ltd (REL) posted a 30 pct increase in first-half net profit, benefiting from higher electricity prices and income from non-trade operations, while turnover from its EPC (engineering, procurement and construction) and contracts division fell.The private sector utility, which plans an initial public offering of its Power unit, reported a profit of 4.72 bln rupees for the six months to end-September compared with 3.63 bln the year earlier. Total revenue rose to 37.12 bln rupees from 29 bln.This includes a 40 pct rise in electricity revenue to 25.43 bln rupees, with the company selling 10 pct more units of electricity than it did last year. EPC and contracts division turnover fell to 6.21 bln rupees from 7.40 bln. Other income, mainly representing interest income, rose 57 pct to 5.47 bln rupees.The EPC order book stood at 47.18 bln rupees at the period end.The company said it purchased 14 pct more electricity from external sources during the first half of 2007 than it did during the corresponding period last year, but the cost of this energy rose 104 pct.The cost of electricity rose to 5.00 rupees per unit in the first half of 2007 from 2.80 rupees the year earlier.TFN.newsdesk@thomson.comndi/ami/jro/lamCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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India's Reliance Energy to offer 1.3 bln shares via power unit IPO 