Nishat Chunian Power profit slumps 13%
MG News | September 03, 2024 at 03:43 PM GMT+05:00
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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