Essar Energy beats forecasts but project delays hit shares

first_imgMonday 21 March 2011 8:26 pm Essar Energy beats forecasts but project delays hit shares Tags: NULL by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was Famous, Now She Works In {State}MoneyPailPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodaySerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBeDrivepedia20 Of The Most Underrated Vintage CarsDrivepediamoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen Herald whatsapp KCS-content Show Comments ▼center_img INDIA-FOCUSED power generator and refiner Essar Energy posted a forecast-beating 28 per cent rise in pre-tax profit to $365.5m (£224m) yesterday, in its first full-year results since raising £1.1bn in a London float last May. Its FTSE 100-listed shares fell 7.3 per cent, however, as it admitted that three power plants in India have been delayed by around three months thanks to heavy rains in the country during monsoon season. Essar Energy aims to bring 2,910 megawatts of power capacity from the three plants online during 2011, and continue work on 8,000 megawatts-worth of new projects to cash in on surging energy demands in India. Revenues rose 42 per cent to $10bn on higher refining margins and new energy tariffs in its main market. The firm shelled out $2.56bn in capital spending in 2010, in one of the biggest infrastructure investment programmes in the country. Vice chairman Prashant Ruia told City A.M. yesterday the firm will focus on completing new projects rather than big buys this year. The firm is not looking to snap up any more Royal Dutch Shell assets after its £215m Stanlow plant acquisition closes later this year – nor will Essar get involved in BP’s $30bn asset sale, he said. Share whatsapp More From Our Partners Native American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comlast_img read more