PTI reported that Essar Energy plc, an India focused integrated energy company, reported a 18% rise in core earnings in the 6 months ended September 30th 2012 on back of its British Stanlow refinery turnaround.
The London listed firm said operational earnings before interest, tax, depreciation and amortization was USD 383 million in April to September 2012.
The company, which recently changed its accounting period, had USD 324 million EBITDA in H1 of previous fiscal.
Essar said that Stanlow the UK refinery which Essar acquired from Royal Dutch Shell last year had operational EBITDA of USD 197 million in the H1.
The company in a statement said that group revenue went up by 97% to USD 12.8 billion primarily due to higher refining revenues in India from higher capacity and revenue due to the acquisition of Stanlow.
Essar said that its Vadinar refinery in Gujarat is now operating at 20 million tonnes per annum capacity after all expansion units were ramped up and stabilized. The unit earned USD 6.41 on turning every barrel of crude oil into fuel in H1 as against a gross refining margin of USD 4.75 per barrel a year ago. GRM rose to USD 11 per barrel in September.