NPL's net profits improve by 38% owing to lower cost of sales and operating expenses
MG News | April 26, 2019 at 05:50 PM GMT+05:00
April 26, 2019 (MLN): Nishat Power Limited (NPL) has announced its financial results for the quarter ended on March 31st 2019, as per which company stated net profits of Rs. 1 billion with EPS recorded at Rs 2.9, i.e. around 38.2% higher than the figures of same quarter previous year.
The increase in profitability was primarily attributable to lower cost of sales and administrative expenses, as both declined substantially by 54% and 45% respectively.
During the quarter, company also witnessed a decline in sales by 31% mainly due to drop in dispatches and increase in furnace oil prices.
However, company's gross margin improved by 23.7% mainly due to PKR depreciation.
Moreover, the Board of Directors of the company announced a cash dividend of PKR 1.5/share i.e. 15% for the above mentioned period.
| Financial Results for the Quarter ended March 31st 2019 ('000 Rupees) | |||
|---|---|---|---|
|
| Mar-19 | Mar-18 | % Change |
| Sales | 2,661,091 | 3,903,143 | -31.82% |
| Cost of sales | (1,318,013) | (2,859,520) | -53.91% |
| Gross profit | 1,343,078 | 1,043,623 | 28.69% |
| Administrative expenses | (62,341) | (113,780) | -45.21% |
| Other expenses | - | (384) | -100.00% |
| Other income | 1,996 | 4,448 | -55.13% |
| Finance cost | (250,503) | (187,115) | 33.88% |
| Share of loss of associate | - | - |
|
| Profit before taxation | 1,032,230 | 746,792 | 38.22% |
| Taxation | - | - |
|
| Profit for the year | 1,032,230 | 746,792 | 38.22% |
| Earnings per share - basic and diluted (Rupees) | 2.915 | 2.109 | 38.22% |
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