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Nishat Chunian Power Limited’s cost control drives up annual profits by 13.6%

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October 1, 2018 (MLN): Nishat Chunian Power Limited (NCL) has observed a notable rise in its annual profits for the year ended June 30th 2018.

In its Board of Directors meeting which took place on Friday, September 28, 2018 the company reviewed the financial results for the year and conducted a side by side comparison with the earnings made during the previous year, i.e. the year ended June 30th 2017.

As per the relevant report issued to the PSX, the company made 2.8% higher sales on a year-on-year (YoY) basis, whereas the gross profits during the year witnessed a 7.4% rise.

Moreover, since Nishat Chunian managed to cut-back on its overall expenses by 16%, and finance costs dropped by 4.23%, the overall profits for the year observed an aggregate growth of 13.6%, as they rose from Rs.2.99 billion to Rs.3.4 billion, YoY.

Furthermore, the company’s earnings per share climbed by 13.5% as well, jumping from Rs.8.17 per share to Rs.9.27 per share, YoY.

 

                                                  Profit and Loss Statement for the year ended June 30th 2018 ('000 Rupees)

 

Jun-18

Jun-17

% Change

Sales

                16,594,018

                16,147,843

2.76%

Cost of Sales

             (11,954,459)

             (11,827,672)

1.07%

Gross Profit

                  4,639,559

                  4,320,171

7.39%

Administrative expenses

                   (207,083)

                   (172,968)

19.72%

Other expenses

                      (15,788)

                      (92,693)

-82.97%

Other income

                        35,964

                        36,458

-1.35%

Finance cost

                (1,046,267)

                (1,092,520)

-4.23%

Profit before taxation

                  3,406,385

                  2,998,448

13.60%

Taxation

                                 –  

                          1,303

 

Profit for the year

                  3,406,385

                  2,999,751

13.56%

Earnings per share – basic and diluted (Rupees)

                             9.27

                             8.17

13.46%

 

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Posted on: 2018-10-01T12:52:00+05:00

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