Nishat Chunian profit grows despite revenue plunge
MG News | October 29, 2024 at 03:18 PM GMT+05:00
October 29, 2024 (MLN): Nishat Chunian Power Limited (PSX: NCPL) recorded a 5.8% growth in its net profit despite a plunge in revenue.
The company posted a profit after tax of Rs1.47 billion [EPS: Rs3.99] during the quarter ending September 2024, up from Rs1.39bn [EPS: Rs3.77] in the same period last year (SPLY).
Its revenue fell significantly by 69.5% to Rs2.08bn as compared to Rs6.81bn in SPLY. Gross profit decreased 10.2% to Rs1.38bn in Q1 FY25.
The gross margins, however, improved notably to 66.6% as compared to 22.6% in SPLY.
During the period under review, other income expanded 745.4% to stand at Rs239.14m in Q1 FY25 as compared to Rs28.29m in SPLY.
On the expense side, the company's administrative expenses rose 66.3% from a year ago to Rs66.76m, selling and distribution expenses rose to Rs0m, and other operating expenses rose 6253.0% to Rs66.71m.
The company’s finance cost marked a decline of 99.4% and stood at Rs0.9m as compared to Rs140.72m in SPLY.
On the tax front, the company paid a higher tax worth Rs21.71m against an expense paid worth Rs0.07m in the corresponding period of last year, a rise of 30917.1%.
This translates to an effective tax rate of 1.5% as compared to 0.0% in SPLY.
| Unconsolidated (un-audited) Financial Results for quarter ended September 30, 2024 (Rupees in '000) | |||
|---|---|---|---|
| Sep 24 | Sep 23 | % Change | |
| Sales | 2,077,196 | 6,805,654 | -69.48% |
| Cost of sales | (694,553) | (5,266,389) | -86.81% |
| Gross Profit/ (loss) | 1,382,643 | 1,539,265 | -10.18% |
| Administrative Expenses | (66,760) | (40,141) | 66.31% |
| Other Income | 239,144 | 28,288 | 745.39% |
| Other Operating Expenses | (66,706) | (1,050) | 6252.95% |
| Finance Cost | (903) | (140,719) | -99.36% |
| Profit/ (loss) before taxation | 1,487,418 | 1,385,643 | 7.34% |
| Taxation | (21,712) | (70) | 30917.14% |
| Net profit/ (loss) for the period | 1,465,706 | 1,385,573 | 5.78% |
| Basic earnings/ (loss) per share | 3.99 | 3.77 | - |
Amount in thousand except for EPS
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