Nishat Chunain reports 13% rise in net earnings during 1HFY20
By MG News | February 27, 2020 at 12:46 PM GMT+05:00
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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