August 11, 2020 (MLN): K-Electric Limited has announced its financial results for the half year ended December 31, 2019, as per which, it has earned profits of Rs. 2.79 billion (EPS: 0.10), i.e. almost 47% lower than the earnings recorded in same period of last year.
The topline income of the company improved by around 9%, whereas the cost of sales surged by 10.8%, resulting in the gross profit showing a mere change of 0.4%.
The increase in the company’s non-core income by 86%, along with an 86% decline in non-core expenses, served as a saving grace during the period.
However, increase in the finance costs by 2.05x as well as income tax expense by 1.84x negated the impact of aforementioned factors.
Financial Results for the half year ended December 31, 2019 (Rupees in '000) |
|||
---|---|---|---|
Dec-19 |
Dec-18 |
% Change |
|
Sale of energy – net |
105,692,090 |
97,510,657 |
8.4% |
Tariff adjustment |
52,695,870 |
47,931,216 |
9.9% |
REVENUE |
158,387,960 |
145,441,873 |
8.9% |
Purchase of electricity |
(51,878,712) |
(46,907,251) |
10.6% |
Consumption of fuel and oil |
(70,153,358) |
(63,252,030) |
10.9% |
Expenses incurred in generation, transmission, and distribution |
(12,127,064) |
(10,967,123) |
10.6% |
COST OF SALES |
(134,159,134) |
(121,126,404) |
10.8% |
GROSS PROFIT |
24,228,826 |
24,315,469 |
-0.4% |
Consumers services and administrative expenses |
(10,148,361) |
(9,463,329) |
7.2% |
Impairment loss against trade debts |
(6,547,859) |
(7,067,793) |
-7.4% |
Other operating expenses |
(288,520) |
(2,105,957) |
-86.3% |
Other income |
5,619,789 |
3,014,199 |
86.4% |
PROFIT BEFORE FINANCE COST |
12,863,875 |
8,692,589 |
48.0% |
Finance cost |
(8,047,035) |
(2,636,145) |
205.3% |
PROFIT BEFORE TAXATION |
4,816,840 |
6,056,444 |
-20.5% |
Taxation |
(2,022,219) |
(710,963) |
184.4% |
NET PROFIT FOR THE PERIOD |
2,794,621 |
5,345,481 |
-47.7% |
EARNINGS PER SHARE |
0.10 |
0.19 |
-47.4% |
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