Essar Energy Plc, has reported a 7% decline in its earnings for the first-half of this year. The earnings have been impacted due to a weak rupee.
The company, London-listed energy arm of the Ruia's promoted Essar Group said it had taken a $483 million hit due to the rupee's depreciation, the majority of which was unrealised.
Operational earnings before interest, tax, depreciation and amortisation (EBITDA) fell to $543.7 million in the six months ended September 30 from $582.6 million a year earlier. Revenue however, rose 5 per cent to $13.4 billion.
The company said it would exiting its non-core exploration and production assets to free its finances. "We have decided to farm out of our non-core E&P assets. This may bring improvement in our bottomline," said Sushil Maroo, CEO, Essar Energy Plc.
