Nishat Chunian Power Q1 Profit Up 5.8%

Amid hue and cry by the public over high inflated electricity bills, Nishat Chunian Power Limited recorded a 5.8 percent growth in its net profit despite a plunge in revenue.

The company posted a profit after tax of Rs1.465 billion [earnings per share – basic and diluted EPS: Rs3.99] during the quarter ending September 2024, up from Rs1.385 billion [EPS: Rs3.77] in the same period last year.

Its revenue fell significantly by 69.5 percent to Rs2.077 billion as compared to Rs6.805 billion. Gross profit decreased 10.2 percent to Rs1.382 billion in Q1 FY25 compared to Rs 1.539 billion during the same period of last fiscal year.

The gross margins, however, improved notably to 66.6 percent as compared to 22.6 percent.

During the period under review, other income expanded 745.4 percent to stand at Rs239.14 millio in Q1 FY25 as compared to Rs28.29 million.

On the expense side, the company’s administrative expenses rose 66.3 percent from a year ago to Rs66.76 million, and other operating expenses rose 6253 percent to Rs66.71m.

The company’s finance cost marked a decline of 99.4 percent and stood at Rs0.9m as compared to Rs140.72 million.

On the tax front, the company paid a higher tax worth Rs21.71m against an expense paid worth Rs0.07m in the corresponding period of last year, a rise of 30917.1 percent.