Hemas Power finalising Ugandan hydro power project
View(s):Hemas Power PLC in a bid to broaden their portfolio is looking at a prospective power project in Uganda for which most required approvals have been obtained, a Bartleet Research report said.
The company’s net revenue increased by 24.6 per cent year on year to Rs 5.62 billion in end March 31, 2013 backed by the pass through effect of furnace oil prices of Heladhanavi and higher energy generation in the Hydro segment through the full year operation of Magal Ganga and better rainfall in catchment areas at the latter part of the year, the report added. It said that Hemas Power’s profit before tax rose by 11.9 per cent to Rs 281.35 million aided by a reduction in foreign exchange losses.
The finance cost which increased by 75.6 per cent was a result of the increase in fuel prices and delays in CEB settlements. During the year the Rupee loans were converted to dollar loans to minimise the effect from finance cost going forward, the report said.
Hemas Power bought a 20 per cent stake in Panasian Power PLC (PAP) in April.
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