New Delhi, Aug 6 (IANS): Jaypee Group subsidiary Jaiprakash Power Ventures (JPVL) on Sunday announced a turnaround in performance in the first quarter ending in June to record a net profit of Rs 4 crore on standalone basis.

In a statement here, the company said it had recorded a loss of about Rs 19 crore in the corresponding quarter a year ago.

JPVL's revenue during the quarter under review increased 7.3 per cent to Rs 1,090.13 crore, as against Rs 1,016.13 crore in the corresponding quarter of previous fiscal.

Earning before interest, taxes, depreciation and amortisation (EBITDA), or operating income, during the April-June quarter at Rs 444 crore rose 19.6 per cent over the Rs 371 crore in the same quarter last year.

Jaiprakash Power said it has not been able to service the lenders' dues regularly due to unsatisfactory operations and is currently engaged, alongwith its lenders, in formulating a revival plan in order to overcome financial stress.

Jaiprakash Power currently has an operational capacity of 2,220 MW, the statement added.

With results out during the weekend, JPVL closed at Rs 2.95 per share on Friday, up 0.37 points, or 14.34 per cent, over its previous close on the BSE.