Panasian power surges ahead
Panasian Power Limited, which recently concluded its Rs 600 million
IPO, has shown a marked increase in revenue and profit compared to last
year, due to increased efficiency and an increased plant factor.
The revenue for the month of December 2010 from the Manelwala Plant
reached Rs 20 m. and the consolidated revenue of the Group was Rs 34 m.
The company recently initiated action to enhance the capacity of the its
plant in Rathgama, Ratnapura. The capacity will be increased from 2MW to
3MW, and the plant is expected to be in operation by December 2011.
Panasian Power Limited Chairman Dr Prathap Ramanujam said, "The
company will continue to increase its capacity with new acquisitions as
part of its strategy to increase its capacity to 15MW of Mini Hydropower
generation.
The company is also considering expanding investment into other
sustainable renewable energy sources."
Trading for the shares is to begin on February seventh Dr Ramanujam
said "There is a lot of momentum behind this initiative to catalyze the
Minihydro industry in the country, and we are fully confident that the
opening of trading will give more prominence to one of the core sectors
of this nation."
He said that Panasian Power Limited has fully settled the purchase
consideration of Rs 565,107,184 to Power Hub International Sdn.
Bhd. for the acquisition cost of Manelwala Hydropower Pvt. Ltd,
through the IPO proceeds. With this settlement, the primary mortgage of
project assets and shares of the Group to Sampath Bank PLC has been
fully discharged.
Chairman Dr Ramanujam said that with this settlement, the Group has
become debt free. |