Essar Energy reports pre-tax profit of $1.34 bn in FY13

Essar Energy is likely to convert its Hazira and Bhander power plants to coal-fired, reports CNBC-TV18 quoting Cogencis.

While Hazira power plant is a multi-fuel (naphtha, high-speed diesel, natural gasoline liquid and/or natural gas) combined-cycle power, Bhander is a natural gas-fired combined-cycle captive power plant. The conversion will take atleast three years,

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Meanwhile, the firm has reported pre-tax earnings of USD 1.34 billion for FY13, versus USD 1.17 billion in the preceding year on improving margins in refining business in Britain and in domestic market. The London-listed firm has moved its year-end to March from December, making the previous comparative period a 15 month one.

Full-year refining margins rose 88 percent to USD 7.96 per barrel of oil at the company's core Essar Oil business, which owns a network of 1,600 franchised gas stations across India.

Essar Energy's assets also include a 50 percent stake in Kenya Petroleum Refinery Ltd, and 2,034 mmboe of reserves and resources at its exploration and production blocks. Essar Group's other companies include Essar Oil, Essar Ports, Essar Shipping and Essar Steel.

Essar Energy's shares, which have shed about 6 percent of their value over the past year, were trading up about 2 percent at 123 pence at 0704 GMT on Monday on the London Stock Exchange. (with input from Reuters)