Mytrah Energy Ltd Update and Possible Changes in Accounting Policies (6669V)
01 February 2017 - 6:00PM
UK Regulatory
TIDMMYT
RNS Number : 6669V
Mytrah Energy Ltd
01 February 2017
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR
INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR
JAPAN
1 February 2017
Mytrah Energy Limited
("Mytrah" or the "Company")
Trading Update and Possible Changes in Accounting Policies
Mytrah, the India-based renewable focused Independent Power
Producer, announced on 19 December 2016 that its operational
performance was on track to achieve management expectations for the
2016 financial year. The Company confirms that it expects to report
2016 revenue and EBITDA in line with expectations.
As a result of changes in Indian law, new accounting rules are
applicable to the Indian subsidiaries for the first time.
Accordingly, in line with Mytrah's continued commitment to good
governance and prudent accounting, the Board is currently
considering whether it is appropriate to revise the Company's
accounting policies in relation to revenue recognition and
depreciation of Property, Plant and Equipment. Any changes may
result in a significant additional non-cash charge to the income
statement in 2016.
The final decision regarding any changes in accounting policies
would be taken at the time of finalisation of the consolidated
audited financial results for the year ended 31 December 2016,
which will be announced in due course.
For further information please visit www.mytrah.com or
contact:
Mytrah Energy Limited +44 (0)20 3402
Ravi Kailas / Bob Smith 5790
Investec Bank plc +44 (0)20 7597
Chris Sim / Jeremy Ellis 4000
Mirabaud Securities LLP +44 (0)20 7878
Peter Krens / Rory Scott 3360
Yellow Jersey PR Limited +44 (0)7747
Charles Goodwin / Dominic Barretto 788 221
About Mytrah Energy Limited
Mytrah Energy Limited (AIM: MYT) is one of the largest
Independent Power Producers ('IPP') in renewable energy in India,
with a portfolio of wind power generation assets across 16 farms
and 8 states. The Company has 215 wind masts installed across
multiple states in India, providing a pool of information from
which to select its future projects. Mytrah currently has an active
development pipeline of about 3000 MW of wind and 500 MW of
solar.
This information is provided by RNS
The company news service from the London Stock Exchange
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