September 17, 2018 (MLN): In their Board of Directors meeting held earlier today, Nishat Power Limited reported an overall rise of 11% in annual profits for the year ended June 30th 2018 due to broadened top-line gains.
During the meeting, the board reviewed the financial earnings for the year and outlined a year-on-year comparison with the earnings made last year.
According to the report issued t PSX, Nishat’s top-line income took a leap of 12.5%, climbing from Rs.15 billion to Rs.16.9 billion, YoY, leading to a 9% increase in gross profits.
Overall expenses during the year grew in general, except for finance cost.
Moreover, share of loss of associates recorded a 1490% increase, however the abnormally large percentage increase is merely due to a low base effect.
Other than this, the company’s tax reversals during prior year came down to nil during the period under review.
Overall profits for the year are recorded at Rs.3.2 billion, up from Rs.2.9 billion, during the year ended June 30th 2017.
Nishat Power Limited’s basic and diluted earnings per share during the year was Rs.9.07 per share, up from Rs.8.152 per share, YoY.
The board has recommended a final cash dividend at 15% or Rs.1.5 per share, as well as equity investment up to Rs.278.46 million from time to time in Lalpir Solar Power Private Limited.
Financial Results for the Year ended June 30th 2018 ('000 Rupees) | |||
|---|---|---|---|
| Jun-18 | Jun-17 | % Change |
Sales | 16,929,085 | 15,041,692 | 12.55% |
Cost of sales | (12,702,691) | (11,168277) | 13.74% |
Gross profit | 4,226,394 | 3,873,415 | 9.11% |
Administrative expenses | (325,079) | (261,001) | 24.55% |
Other expenses | (2,770) | (2,628) | 5.40% |
Other income | 51,033 | 23,034 | 121.56% |
Finance cost | (737,319) | (749,052) | -1.57% |
Share of loss of associate | (843) | (53) | 1490.57% |
Profit before taxation | 3,211,416 | 2,883,715 | 11.36% |
Taxation | – | 2,714 |
|
Profit for the year | 3,211,416 | 2,886,429 | 11.26% |
Earnings per share – basic and diluted (Rupees) | 9.070 | 8.152 | 11.26% |
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