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OPG Power Ventures granted extension for reporting 2020 results

The company said it expects to release results for the year ended March 31, 2020, by mid-October

OPG Power Ventures PLC - OPG Power Ventures granted extension for reporting 2020 results

OPG Power Ventures PLC (LON:OPG) told investors it has been granted a two-month extension to the deadline for reporting its 2020 accounts, due to continuing delays in the audit process in India and the wider coronavirus (COVID-19) impacts.

The company said it applied for the extension in-line with recent regulatory guidance and it was granted by AIM Regulation.

It now expects to publish accounts for the twelve months ended March 31, 2020, by the second half of October.

In a stock market statement, the company repeated previously announced performance metrics pertaining to the 2020 financial year – including power generation of 2.72bn units versus 2.71bn in 2019 - noted that plant load factor of 75% - in line with 2019 - and that the average tariff increased by 4.8% compared to 2019, at 5.67 rupees (around 6p).

OPG noted that since the start of the 2021 financial year, the country-wide lockdown in India has negatively impacted power generation, leading to disruption in the economic activities and subsequent decrease in power demand among its users.

The group said generation amounted to 640mln units in the five months to August 31, 2020, while its plant load factor was marked at 42% and the average tariff was 5.64 rupee.

The company noted that it has undertaken cost reduction, efficiency improvement and liquidity improvement measures.

Quick facts: OPG Power Ventures PLC

Price: 15.25 GBX

Market: AIM
Market Cap: £61.11 m

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