KAPCO's earnings decline by 2% during 1HFY21
By MG News | February 19, 2021 at 10:52 AM GMT+05:00
February 19, 2021 (MLN): Kot Addu Power Company Limited (KAPCO) has announced profits of Rs. 11.4 billion (EPS: 13.06) for the half-year ended December 31, 2020, which is merely 2% lower as compared to the earnings of the same period last year (SPLY).
According to a report by Arif Habib Limited, the sales of the company went down by nearly 23% on account of lower dispatches, from 2,277 GWh in SPLY to 1,991 GWh in 1HFY21. On the other hand, the cost of sales declined by 34% owing to rupee depreciation.
The company also witnessed a 37% decrease in its non-core income owing to lower interest rates and lower overdue receivables, the report added.
The lower interest rates also worked in the company’s favor as along with lower short-term borrowings, it resulted in a 66% decrease in finance cost.
|
Consolidated Financial Results for the Half-Year ended December 31, 2020 (Rupees in '000) |
|||
|---|---|---|---|
|
Dec-20 |
Dec-19 |
% Change |
|
|
Revenue |
34,076,139 |
44,469,422 |
-23.4% |
|
Cost of revenue |
(22,685,678) |
(34,363,914) |
-34.0% |
|
Gross profit |
11,390,461 |
10,105,508 |
12.7% |
|
Administrative expenses |
(663,787) |
(472,844) |
40.4% |
|
Other income |
7,099,471 |
11,335,967 |
-37.4% |
|
Finance cost |
(1,628,668) |
(4,758,030) |
-65.8% |
|
Profit before taxation |
16,197,477 |
16,210,601 |
-0.1% |
|
Taxation |
(4,699,485) |
(4,483,594) |
4.8% |
|
Profit for the year |
11,497,992 |
11,727,007 |
-2.0% |
|
Earnings per share |
13.06 |
13.32 |
-2.0% |
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