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)
