Nishat Chunian Power profit slumps 13%

By MG News | Category Equity | September 03, 2024 at 03:43 PM GMT+05:00

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September 03, 2024 (MLN): Nishat Chunian Power Limited (PSX: NCPL) recorded a net profit of Rs1.06 billion [EPS: Rs2.89] in April-June, down 13.1% year-on-year on account of a significant drop in sales.

The company's sales revenue plunged 37.2% to Rs2.74bn as compared to Rs4.35bn in SPLY.

Cost of sales also fell 37.9% but was not enough to offset the sales decline, worsening the gross profit by 35.6% to Rs918.66m in the latest quarter that ended June 2024.

The gross margins, however, improved slightly to 33.6% as compared to 32.8% in SPLY.

During the period under review, other income surged by 763.2% to Rs219.66m as compared to Rs25.45m in SPLY.

On the expense side, the company's administrative expenses rose 36.0% to Rs57.73m, while other operating expenses fell 7.8% to Rs6.22m compared to same period last year.

The company’s finance cost also decreased significantly by 98.6% and stood at just Rs2.41m as compared to Rs177.56m in SPLY.

On the tax front, the company paid tax worth Rs7.63m, translating to an effective tax rate of 0.7%.

Unconsolidated (un-audited) Financial Results for quarter ended June 30, 2024 (Rupees in '000)
	Jun 24	Jun 23	% Change
Sales	2,735,158	4,352,365	-37.16%
Cost of sales	(1,816,497)	(2,926,217)	-37.92%
Gross Profit/ (loss)	918,661	1,426,148	-35.58%
Administrative Expenses	(57,732)	(42,439)	36.04%
Other Income	219,661	25,448	763.18%
Other Operating Expenses	(6,217)	(6,739)	-7.75%
Finance Cost	(2,411)	(177,564)	-98.64%
Profit/ (loss) before taxation	1,071,962	1,224,854	-12.48%
Taxation	(7,631)	(26)	29,250.00%
Net profit/ (loss) for the period	1,064,331	1,224,828	-13.10%
Basic earnings/ (loss) per share	2.89	3.33	-

Amount in thousand except for EPS

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