Nishat Chunian Power records a 15% growth in earnings despite lower revenue

By MG News | September 24, 2020 at 03:04 PM GMT+05:00

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September 24, 2020 (MLN): Nishat Chunian Power Limited (NCPL) made profits of Rs. 4.6 billion (EPS: 12.54) during the year ended June 30, 2020, signifying a growth of almost 35% over the last year.

According to Taurus Securities, the company recorded a 13% decline in revenue owing to lower load factor, lower rate payments surcharge as well as impact of lower interest rates in the fourth quarter.

The finance cost showed an increase of 51.6% due to higher interest rates and rise in the company’s borrowings.

Other notable changes include a 98.6% decline in other expenses, whose positive impact was partially negated by the decline in other income by 72%.

The company did not pay any taxes during the year. Moreover, contrary to the predictions made by several brokerage houses, no dividend was announced by the Board of the company.

Financial Results for the year ended June 30, 2020 (Rupees'000)
	Jun-20	Jun-19	% Change
Sales	13,022,871	15,021,084	-13.3%
Cost of sales	(6,267,119)	(9,945,451)	-37.0%
Gross Profit	6,755,752	5,075,633	33.1%
Administrative expenses	(144,121)	(201,314)	-28.4%
Other expenses	(3,194)	(228,258)	-98.6%
Other income	31,613	112,565	-71.9%
Finance cost	(2,034,280)	(1,342,068)	51.6%
Profit before taxation	4,605,770	3,416,558	34.8%
Taxation	-	-
Profit after taxation	4,605,770	3,416,558	34.8%
Earnings per share	12.54	9.3	34.8%

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