Sitara Energy reports Rs131mn loss for H1FY25, escalating 3x YoY

MG News | February 27, 2025 at 11:48 AM GMT+05:00

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February 27, 2025 (MLN): Sitara Energy Limited (PSX: SEL) has reported a loss of Rs131 million for the half-year ended December 31, 2024, marking a 200% increase from the Rs44mn loss recorded in the same period last year.

The company reported a loss per share (LPS) of Rs6.87, compared to Rs2.29 in the corresponding period last year.

The sharp decline in profitability comes despite a significant increase in net sales, which surged 243% to Rs162.4mn from Rs47mn in 2023.

The company’s cost of generation also jumped by 132.5% to Rs186mn, leading to a gross loss of Rs24mn.

Operating expenses surged by 200% to Rs97mn, further straining the company’s financial position.

Additionally, finance costs dropped 44% to Rs47.4mn, providing some relief but not enough to offset overall losses.

Other income, which had contributed significantly to the company’s earnings in the previous year, declined sharply by 62% to Rs40.5mn from Rs107mn in 2023.

The provision for taxation stood at Rs1.2mn, up 49% from Rs0.8mn in the prior period.

Condensed interim consolidated statement of profit and loss (un-audited) for the half year ended December 31, 2024 (in Rupees '000)	2024	2023	%Change
Sales - net	162,382	47,284	243.42%
Cost of generation	186,161	80,061	132.52%
Gross (loss)	(23,779)	(32,777)	-27.45%
Other income	40,544	106,939	-62.09%
Operating expenses	97,242	32,388	200.24%
Finance cost	47,430	84,654	-43.97%
(Loss) / profit for the period before income tax and levies	(127,907)	(42,880)	198.29%
(Loss) / profit for the period before income tax	(130,024)	(42,880)	203.23%
Provision for taxation	1,215	816	48.90%
(Loss) / Profit for the period	(131,239)	(43,696)	200.35%
(Loss) / Profit per share - Basic and diluted	(6.87)	(2.29)

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