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KAPCO gains 12.4% in bottom-line profits due to substantial increases in non-core income

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Kot Addu Power Company Limited reported 12.4% year-on-year gains in bottom-line profits, mainly due to remarkable improvements in non-core income.

The company’s Board of Directors meeting was held on September 5, 2018 in which, financial earnings for the year ended June 30th 2018 were reviewed and compared to the earnings made during the year ended June 30th 2017.

According to a report of these earnings issued to PSX, Kot Addu’s Topline earnings went up by 12.3%, but increased cost of sales brought the gross profits down by 5.7%.

However, the company’s non-core income rose substantially from Rs.4.9 billion to Rs.9.5 billion on year-on-year basis, up by 89%. This led to almost 19% increase in profits from operations.

Overall annual profits of the company went up from Rs.9.5 billion to 10.6 billion, as compared to the year ended on June 30th 2017.

Apart from this, Kot Addu’s basic and diluted earnings per share increased by 12.4% as well, from Rs.10.73 per share to Rs.12.06 per share, YoY.

 

                                      Profit and Loss Account for the Year Ended June 30th 2018 ('000 Rupees)

 

Jun-18

Jun-17

% Change

Sales

                  91,915,894

                  81,846,981

12.30%

Cost of sales

                (78,536,832)

                (67,666,625)

16.06%

Gross profit

                  13,379,062

                  14,180,356

-5.65%

Administrative expenses

                      (465,787)

                      (451,839)

3.09%

Other operating expenses

                      (371,085)

                      (221,708)

67.38%

Other income

                    9,453,211

                    4,991,238

89.40%

Profit from operations

                  21,995,401

                  18,498,047

18.91%

Finance cost

                  (6,187,594)

                  (4,424,942)

39.83%

Profit before tax

                  15,807,807

                  14,073,105

12.33%

Taxation

                  (5,190,722)

                  (4,626,056)

12.21%

Profit for the year

                  10,617,085

                    9,447,049

12.39%

Earnings per share – basic and diluted (Rupees)

                             12.06

                             10.73

12.40%

 

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Posted on: 2018-09-05T12:42:00+05:00

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