LPL earns Rs1.6bn in three months, rewards shareholders

By MG News | August 28, 2024 at 04:49 PM GMT+05:00

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August 28, 2024 (MLN): Lalpir Power Limited (PSX: LPL) revealed its earnings for the quarter ended June 30, 2024 (Q2 CY24), wherein the profit after tax clocked in at Rs1.6 billion [EPS: Rs4.22] compared to a profit of Rs1.17bn [EPS: Rs3.09] in the same period last year (SPLY).

The Board of Directors (BoD) of the company has recommended an interim cash dividend of Rs2 per share for the half-year ended June 30, 2024.

This is in addition to the first interim cash dividend of Rs2 per share already paid.

Going by the results, the company's top line contracted by 20.7% to Rs4.66bn as compared to Rs5.88bn in SPLY.

Nonetheless, LPL managed to reduce its cost of sales by a greater proportion, which ultimately resulted in a higher gross profit and improved margins.

The expense section of the profit and loss account shows that LPL's administrative expenses rose 97.3% YoY to Rs63.66m other operating expenses increased 13.8% YoY to Rs1.3m.

Taking a further hit, the other income of the company decreased 59.9% to stand at Rs2.35m in Q2 2024 as compared to Rs5.85m in SPLY.

Moreover, finance costs inflated by 317.2% and stood at Rs426.07m as compared to Rs102.12m in SPLY, mainly due to higher interest rates.

On the positive side, the significant growth in gross profit was sufficient to offset these challenges, leading to higher quarterly earnings for the company.

Unconsolidated (un-audited) Financial Results for quarter ended June 30, 2024 (Rupees in '000)
	Jun 24	Jun 23	% Change
Sales	4,660,330	5,879,091	-20.73%
Cost of sales	(2,567,597)	(4,576,580)	-43.90%
Gross Profit/ (loss)	2,092,733	1,302,511	60.67%
Administrative Expenses	(63,657)	(32,259)	97.33%
Other Income	2,346	5,848	-59.88%
Other Operating Expenses	(1,303)	(1,145)	13.80%
Finance Cost	(426,068)	(102,118)	317.23%
Net profit/ (loss) for the period	1,604,051	1,172,837	36.77%
Basic earnings/ (loss) per share	4.22	3.09	-

Amount in thousand except for EPS

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