Results round-up
AIM-listed Indus Gas’ interim revenue grew and it is expected to increase “substantially” once additional gas supplies start at its sites in India.
For the six months ended 31 September, adjusted revenue surged 21% to $27.39m, compared to the same period last year.
This resulted in a 58% rise in pre-tax profit to $22.61m, while operating profit climbed 33% to $22.33m.
Chairman Peter Cockburn, said: "Indus has made good progress in the period and continues to see consistent growth in revenue and profits. The revenues are now expected to increase substantially once the additional gas supplies commence."
The company realises $5 per one million British thermal units from its existing gas sales contract and is in discussions for the second contract with Gas Authority of India and RRVUNL, the electricity generation company of the government of Rajasthan, for the additional gas supplies to the 160 megawatt turbine in Ramgarh, which is expected to be finalised in first quarter of 2017.
The gas turbine has been procured by RRVUNL and the gas price needs to be agreed.
Negotiations are also being held for the gas pipeline to evacuate additional gas supply from the non-SGL gas field of the block.