Nishat Power Limited’s top-line gains pull up overall annual profits

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%

 

Copyright Mettis Link News

Posted on: 2018-09-17T14:37:00+05:00

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