Nishat Chunain reports 13% rise in net earnings during 1HFY20

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MG News | February 27, 2020 at 12:46 PM GMT+05:00

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February 27, 2020 (MLN): Nishat Chunian Power Limited (NCPL) has announced its financial results today, wherein it has reported profits of Rs. 2.09 billion (EPS: Rs. 5.71) for the half year, and Rs. 1.02 billion (EPS: Rs. 2.8) for the quarter ended December 31, 2019.

Even though the company’s topline earnings fell by 8.2% due to lower load factor, the gross earnings managed to rise by 30% owing to the fall in cost of production by 24% during the first six months of Fiscal Year 2020.

Another major highlight from the company’s results was the 91% increase in finance costs, which ensued from increase in interest rates as well as rising demand for working capital.

Profit and Loss Statement for the half-year ended December 31, 2019 ('000 Rupees)

 

Dec-19

Dec-18

% Change

Sales

7,782,328

8,481,574

-8.24%

Cost of Sales

(4,496,388)

(5,955,667)

-24.50%

Gross Profit

3,285,940

2,525,907

30.09%

Administrative expenses

(76,169)

(88,186)

-13.63%

Other operating expenses

(599)

(4,186)

-85.69%

Other income

22,661

14,430

57.04%

Finance cost

(1,133,982)

(593,657)

91.02%

Profit before taxation

2,097,851

1,854,308

13.13%

Taxation

-

-

 

Profit for the year

2,097,851

1,854,308

13.13%

Earnings per share - basic and diluted (Rupees)

5.71

5.05

13.07%

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