April 29, 2020 (MLN): Nishat Chunian Power Limited (NCPL) has disclosed its financial results for the 9MFY20 ended March 31, 2020 wherein the company reported its net profit of Rs 3.4 billion (EPS: Rs 9,26), showing a growth of 30.5% YoY against net profits of Rs 2.6 billion (EPS: Rs 7.09) in the same period of last fiscal year.
The rise in profitability emanated from an increase in penal income and a higher USD indexation factor.
As per the financial statement, NCPL’s sales revenue went down by 6.44% YoY but more than a proportionate decrease in the cost of sales by 27% YoY, resulting in an increase in gross profits by 34.67% YoY. Therefore, the gross margin jumped from 34% to 48%.
During the period under review, administrative costs and other operating expenses dropped by 28% YoY and 99% YoY, respectively.
Meanwhile, due to higher interest rates and greater working capital requirement, finance cost ballooned by 70% YoY, keeping the company’s profitability in check.
Profit and Loss Statement for the nine months ended March 31, 2020 ('000 Rupees) | |||
|---|---|---|---|
| Mar-20 | Mar-19 | % Change |
Sales | 10,588,940 | 11,318,100 | -6.44% |
Cost of Sales | (5,461,792) | (7,510,855) | -27.28% |
Gross Profit | 5,127,148 | 3,807,245 | 34.67% |
Administrative expenses | (109,874) | (153,630) | -28.48% |
Other operating expenses | (825) | (110,688) | -99.25% |
Other income | 29,516 | 27,928 | 5.69% |
Finance cost | (1,644,029) | (965,280) | 70.32% |
Profit before taxation | 3,401,936 | 2,605,575 | 30.56% |
Taxation | – | – | – |
Profit for the year | 3,401,936 | 2,605,575 | 30.56% |
Earnings per share – basic and diluted (Rupees) | 9.26 | 7.09 | 30.61% |
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