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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Sri Lanka's mini hydro firm hit by drought

Sri Lanka's mini hydro firm hit by drought

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Kumar

Kumar
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
May 29, 2012 (LBO) - Sri Lanka's Vallibel Power Erathna Plc, a mini hydro firm, said it lost 13.04 million rupees in the March 2012 quarter as revenues fell amid drought and a tariff paid by the state power utility also decreased.

The firm reported losses of 2 cents per share for the quarter. In the year to March it reported earnings of 33 cents per share on profits of 254 million rupees, which were down 66 percent from a year earlier.

Group revenues fell 41 percent to 38 million rupees in the quarter, while finance costs rose 430 percent to 27 million rupees.

Vallibel Power Erathna said a 7.2 MegaWatt, Denawakaganga mini hydro project run by subsidiary Country Energy (Pvt) Limited, started commercial operations on February 14, 2012.

On March 01, Country Energy has issued new shares and the parent's share has fallen to 84.5 percent from 89.3 percent. A 6.2 million rupee 'deemed disposal gain' has been recognized as other income.

On December 15, 2011, Kiriwaneliya mini hydro Power project also run by Country Energy has started commercial operations.

But Vallibel Power Erathna said power generation fell 22.5 percent last year due to drought.

A tariff paid by the state power utility had also fallen. State run Ceylon Electricity Board pays some mini hydro firms on a formula based on its own costs in the past year.

In 2011 thermal generation fell with strong rainfall. But from mid 2011 rains failed. The tariff rises in the following year in such conditions.
http://lbo.lk/fullstory.php?nid=994086311

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