Nishat Power profit rises 17pc

KARACHI: Profit of Nishat Power Limited went up 17 percent to Rs3.769 billion for the year ended June 30, 2019, translating into earnings per share (EPS) of Rs10.646, a bourse filing said.

The company earned Rs3.211 billion with EPS of Rs9.069 in the corresponding period earlier. The company did not announced any final cash dividend for the year ended June 30, 2019, as per the notice issued to the PSX.

During Q4FY19, net sales witnessed a decline of 20 percent YoY to Rs4,003 million, owed majorly to 43 percent YoY decline in dispatches to 180GWh. However, furnace oil prices went up by 15 percent YoY. In FY19, sales witnessed a decline of 8.0 percent YoY to Rs15.6 billion due to 42 percent YoY decline in dispatches. Furnace oil prices went up by 42 percent YoY.

Gross margins of the company witnessed an increase of 13.5pps YoY to 34 percent in Q4FY19, mainly due to 17 percent YoY rupee depreciation and lower load factor.

Arif Habib Limited in its analysis said, “During Q4FY19, finance costs have jumped up by 30 percent YoY to Rs247 million due to higher interest rates compared with the same period last year.”