Nishat Power experiences 41% decline in earnings due to repayment of long-term loans

MG News | February 12, 2021 at 12:54 PM GMT+05:00

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February 12, 2021 (MLN): Nishat Power Limited (NPL) announced its financial results for the half-year ended December 31, 2020 on Friday, which show earnings of Rs. 1.46 billion (EPS: 4.14), i.e. nearly 41% lower than the profits recorded during the same period of last year.

The drop in earnings by such a margin was a result of repayment of long-term loan, which resulted in absence of debt servicing charge in capacity payments for FY21.

The company also saw a decline in revenue by 25.5% on account of lower FO prices and lower dispatches.

However, the company drew some relief from a decline in finance cost by 71.3%, owing to lower short-term borrowings as well as lower interest rate.

Consolidated Financial Results for the Half-Year ended December 31, 2020 (Rupees in '000)
	Dec-20	Dec-19	% Change
Sales	5,407,073	7,262,159	-25.5%
Cost of sales	(3,616,331)	(3,924,998)	-7.9%
Gross profit	1,790,742	3,337,161	-46.3%
Administrative expenses	(137,823)	(176,370)	-21.9%
Other income	4,983	3,633	37.2%
Finance cost	(191,343)	(667,809)	-71.3%
Profit before taxation	1,466,559	2,496,615	-41.3%
Taxation
Profit for the period	1,466,559	2,496,615	-41.3%
Earnings per share	4.14	7.05	-41.3%

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