KAPCO's net profit takes a power hit on sinking sales in 1HFY23
By MG News | February 23, 2023 at 10:07 AM GMT+05:00
February 23, 2023 (MLN): The net profit of Kot Addu Power Company Limited (KAPCO) has slumped by 43.19% YoY to clock in at Rs3.19 billion [EPS: Rs3.62] in 1HFY23 compared to Rs5.6bn [EPS: RS6.37] in the same period last year.
Going by the financial statement sent to PSX, the net sales of the company dropped by 53.16% YoY to stand at Rs25.17bn in the review period. At the same time, the cost of sales has also plunged by 52.53% YoY to Rs24bn in 1HFY23.
Accordingly, the gross margin of the company squeezed to 4.57% in 1HFY23 compared to 5.83% in 1HFY22.
On the cost front, the other expenses and administrative expenses saw a notable jump of 94.48% YoY and 99% YoY to Rs269mn and Rs561mn respectively, during the said period.
Similarly, the company reported a significant upsurge in finance cost of 99% YoY to Rs3.14bn in 1HFY23 on the back of a hike in policy rate amid growing inflation.
However, the tax expenses fell by 18.56% YoY to Rs1.69bn in 1HFY23, which provided some solace to the financial well-being of the company.
|
Profit and Loss Account for the half year ended December 31 2022 ('000 Rupees) |
|||
|---|---|---|---|
|
Dec-22 |
Dec-21 |
% Change |
|
|
Sales |
25,169,489 |
53,731,431 |
-53.16% |
|
Cost of sales |
(24,019,617) |
(50,601,160) |
-52.53% |
|
Gross profit |
1,149,872 |
3,130,271 |
-63.27% |
|
Administrative expenses |
(561,192) |
(281,940) |
99.05% |
|
Other expenses |
(269,300) |
(138,473) |
94.48% |
|
Other income |
7,702,240 |
6,555,859 |
17.49% |
|
Operating profit |
8,021,620 |
9,265,717 |
-13.43% |
|
Finance cost |
(3,144,411) |
(1,581,478) |
98.83% |
|
Profit before tax |
4,877,209 |
7,684,239 |
-36.53% |
|
Taxation |
(1,691,265) |
(2,076,577) |
-18.56% |
|
Profit for the period |
3,185,944 |
5,607,662 |
-43.19% |
|
Earnings per share - basic and diluted (Rupees) |
3.62 |
6.37 |
-43.17% |
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