Nishat Power experiences 41% decline in earnings due to repayment of long-term loans
MG News | February 12, 2021 at 12:54 PM GMT+05:00
February 12, 2021 (MLN): Nishat Power Limited (NPL) announced its financial results for the half-year ended December 31, 2020 on Friday, which show earnings of Rs. 1.46 billion (EPS: 4.14), i.e. nearly 41% lower than the profits recorded during the same period of last year.
The drop in earnings by such a margin was a result of repayment of long-term loan, which resulted in absence of debt servicing charge in capacity payments for FY21.
The company also saw a decline in revenue by 25.5% on account of lower FO prices and lower dispatches.
However, the company drew some relief from a decline in finance cost by 71.3%, owing to lower short-term borrowings as well as lower interest rate.
|
Consolidated Financial Results for the Half-Year ended December 31, 2020 (Rupees in '000) |
|||
|---|---|---|---|
|
Dec-20 |
Dec-19 |
% Change |
|
|
Sales |
5,407,073 |
7,262,159 |
-25.5% |
|
Cost of sales |
(3,616,331) |
(3,924,998) |
-7.9% |
|
Gross profit |
1,790,742 |
3,337,161 |
-46.3% |
|
Administrative expenses |
(137,823) |
(176,370) |
-21.9% |
|
Other income |
4,983 |
3,633 |
37.2% |
|
Finance cost |
(191,343) |
(667,809) |
-71.3% |
|
Profit before taxation |
1,466,559 |
2,496,615 |
-41.3% |
|
Taxation |
|||
|
Profit for the period |
1,466,559 |
2,496,615 |
-41.3% |
|
Earnings per share |
4.14 |
7.05 |
-41.3% |
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