Lalpir Power Ltd suffers relapse on account of soaring finance cost
MG News | October 24, 2018 at 04:56 PM GMT+05:00
October 24, 2018 (MLN): Lalpir Power Limited has reported a decline of 11.8% in its profits for the quarter ended 30th September 2018 due to augmented administrative expenses and finance cost, as compared to the corresponding period last year.
According to the financial results issued by the company, the top-line earnings fell by around 9%, but cost cutting led to 1% rise in gross profits
However, as administrative expenses increased by 30.24% (Rs.49 million) and finance cost increased by 15.47% (Rs.88 million), causing a relapse as profits decline from Rs.774.5 million to Rs.683 million.
The earnings per share of the company recorded a decline of 11.76% from Rs.2.04 per share to Rs.1.80 per share.
| Financial Results for the Nine months ended September 30th 2018 ('000 Rupees) | |||
|---|---|---|---|
|
| Sep-18 | Sep-17 | % Change |
| Revenue | 14,260,143 | 15,654,271 | -8.91% |
| Cost of Sales | (12,774,284) | (14,183,950) | -9.94% |
| Gross profit | 1,485,859 | 1,470,321 | 1.06% |
| Administrative expenses | (214,538) | (164,725) | 30.24% |
| Other expenses | (2,433) | (9,194) | -73.54% |
| Other income | 71,276 | 47,149 | 51.17% |
| Profit from operations | 1,340,164 | 1,343,551 | -0.25% |
| Finance cost | (657,082) | (569,068) | 15.47% |
| Profit before taxation | 683,082 | 774,483 | -11.80% |
| Taxation | - | - |
|
| Profit after taxation | 683,082 | 774,483 | -11.80% |
| Earnings per share - basic and diluted (Rupees) | 1.80 | 2.04 | -11.76% |
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