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India's Essar Energy reports 18% rise in H1 earnings  Join our daily free Newsletter

MENAFN - 26/11/2012

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(MENAFN) India's Essar Energy announced that in the first half, the company's core earnings jumped 18 percent from a year earlier, reported Reuters.

The company, which recently changed its accounting period, said that in the 6-month period ended September 30, operational earnings before interest, tax, depreciation and amortization (EBITDA) reached USD383 million.

In the 6-month period to June 30, 2011, Essar, which is 77 percent-held by Indian conglomerate Essar Group, posted an operational EBITDA of USD324 million.

The company attributed this year's growth to a notable contribution from its British Stanlow refinery, which posted an EBITDA of USD132 million in the first half.

It is worth noting that Essar acquired Stanlow, UK's second-biggest refinery, from Royal Dutch Shell in 2011.

 






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