Indian power firm OPG Power Ventures PLC (LON:OPG) has reported a £14mln post-tax profit for the twelve months ended 31 March 2019, compared to a 2018 loss of £100.9mln.
Revenue only rose slightly, 0.4%, to £140.6mln in 2019 from £140.1mln in 2018. Earnings (EBITDA) advanced to £35.3mln, up from £24.7mln.
"The outlook for the Indian economy in general and the power sector in particular continues to be buoyant,” said Arvind Gupta, executive chairman.
READ: OPG Power to push on again as coal price pressure eases
“OPG's business in FY19 performed well both operationally and financially.
“We are maintaining our strategy to build value for shareholders by repaying borrowings.
“In the year under review we added 5.3p per share to equity holders from deleveraging and are recommending a full year scrip dividend of 0.6p per share.
"By maintaining our focus on the profitable operation of our high quality assets, we expect to continue to reduce debt and pay dividends in order to maximise shareholder value."
The company ended the period with £2.11mln of cash and some £49.19mln of trade and receivables.