Absence of debt portion in sales dented NCPL’s profits
By MG News | September 28, 2021 at 01:51 PM GMT+05:00
September 28, 2021 (MLN): Nishat Chunian Power Limited (NCPL) announced its FY21 financial result today where the company posted a profit after tax (PAT) of Rs2.51billion (EPS: Rs6.83), down by 45.52% YoY as opposed to Rs4.61bn (EPS: Rs12.54) in the same period last year.
During the fiscal year 2020-21, the net sales of the company witnessed an 11% YoY decline to clock in at Rs11.64bn mainly due to the absence of debt portion in sales, however, dispatches increased by 65% YoY to 538 GWh, Arif Habib research report cited. Resultantly, the gross margins plunged considerably to 32.4% YoY from 52% YoY amid higher load factor and PKR appreciation against the USD.
On the cost front, the other expenses jumped by 55x YoY to Rs174mn while administrative expenses saw a marginal decline of 2.3% YoY.
Meanwhile, the company reported a reduction of 52% YoY in finance cost to Rs984mn in FY21 due to lower short-term borrowings and a lower interest rate regime, which provided some solace to the financial wellbeing of the company.
|
Profit and Loss Statement for the Year Ended June 30th, 2021 ('000 Rupees) |
|||
|---|---|---|---|
|
|
Jun-21 |
Jun-20 |
% Change |
|
Revenue from contract with customer |
11,643,346 |
13,022,871 |
-10.59% |
|
Cost of Sales |
(7,873,192) |
(6,267,119) |
25.63% |
|
Gross Profit |
3,770,154 |
6,755,752 |
-44.19% |
|
Administrative expenses |
(140,768) |
(144,121) |
-2.33% |
|
Other expenses |
(174,487) |
(3,194) |
5362.96% |
|
Other income |
38,809 |
31,613 |
22.76% |
|
Finance cost |
(984,418) |
(2,034,280) |
-51.61% |
|
Profit before taxation |
2,509,290 |
4,605,770 |
-45.52% |
|
Taxation |
- |
- |
|
|
Profit for the year |
2,509,290 |
4,605,770 |
-45.52% |
|
Earnings per share - basic and diluted (Rupees) |
6.83 |
12.54 |
-45.53% |
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