NCPL Profits fall by 32 YoY due to absence of debt repayment portion in sales

MG News | February 25, 2021 at 02:18 PM GMT+05:00

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February 25, 2021 (MLN): Nishat Chunian Power Limited (NCPL) has witnessed a 32% YoY decline in net profits to Rs 1.42 billion during 1HFY21, compared to the profits of Rs 2 billion in the corresponding period last year.

The earnings per share of the company clocked in at Rs 3.88/sh against Rs 5.71/sh during 1HFY20.

The decline in profitability was attributable to lower topline earnings compared to the same period last year. The revenues of the company dropped by 25.4% YoY owing to removal of the debt component from the tariff and lower FO prices.

Gross margins declined by 8pps to 34% during 1HFY21 as compared to 42% in the corresponding period last year largely due to the absence of debt component and lower O&M savings.

Furthermore, the company observed a decline in other income by 25.8% YoY, however, this was counterbalanced by a reduction in administrative expenses by 16% YoY.

Finance costs dropped by 57% YoY Rs 487.2 million during the period as compared to Rs 1.13 billion in the corresponding period last year on account of a decline in mark-up cost amid a substantial dip in interest rates and decrease in short term borrowings.

Profit and Loss Statement for the Half-year ended December 31, 2020 ('000 Rupees)
	Dec-20	Dec-19	% Change
Sales	5,803,591	7,782,328	-25.43%
Cost of Sales	(3,843,907)	(4,496,388)	-14.51%
Gross Profit	1,959,684	3,285,940	-40.36%
Administrative expenses	(63,901)	(76,169)	-16.11%
Other operating expenses	-	(599)	-100.00%
Other income	16,814	22,661	-25.80%
Finance cost	(487,222)	(1,133,982)	-57.03%
Profit before taxation	1,425,375	2,097,851	-32.06%
Taxation	-	-	-
Profit for the year	1,425,375	2,097,851	-32.06%
Earnings per share - basic and diluted (Rupees)	3.88	5.71	-32.05%

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