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Essar Energy Plc reported better-than-expected full-year earnings as improving refining capacity at its core oil refineries -- Vadinar in India and Stanlow in Britain -- pushed up margins.
The London-listed power, oil and gas arm of privately owned Indian conglomerate Essar Group, said earnings before interest, taxation, depreciation and amortisation, on a current price basis, was $1.34 billion in the year ended March 31, compared with a company-provided analysts' estimate of $1.17 billion.
The company this year moved its year-end to March from December, making the previous comparative period a 15 month one.
Full-year refining margins rose 88% to $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% stake in Kenya Petroleum Refinery Ltd, and 2,034 mmboe of reserves and resources at its exploration and production blocks.
Essar Energy's shares, which have shed about 6% of their value over the past year, were trading up about 2% at 123 pence at 0704 GMT on Monday on the London Stock Exchange.
