PPL Q1 profit slips less than 1pc

Pakistan Petroleum Limited (PPL) profit declines 0.16 percent to Rs14.325 billion for the quarter ended September 30, 2020 translating into EPS of Rs5.26, a PSX notice said.

The company earned Rs14.347 billion with EPS of Rs5.27 in the corresponding quarter last fiscal. It did not announce any interim dividend for the quarter ended September 30, 2020.

Net sales in Q1FY21 declined six percent to Rs39.318 billion from Rs41.878 billion in the same period last year.

Brokerage Arif Habib Limited attributed this to drop in wellhead price of Sui Gas Field, and 31 percent YoY plunge in oil price on account of fall in oil demand worldwide after outbreak of COVID-19. Whereas, it noted, oil and gas production witnessed a meagre uptick of one percent YoY each in Q1FY21.

The exploration costs tumbled by 21 percent YoY, settling at Rs2.273 billion given dry well Miraj-1 reported during Q1FY21 against three dry wells (Durab, Cholistan and Shawa) incurred in the same period last year, the brokerage house added.

Other income in Q1FY21 settled at Rs748 million against Rs882 million in the same period last year, down by 15 percent YoY, on the back of fall in income from loans and bank deposits given fall in interest rates. The company booked effective taxation at 25 percent in the first quarter vis-à-vis 26 percent in Q1FY20.

KAPCO profit climbs up 23 percent in Q1

Kot Addu Power Company Limited (KAPCO) profit increased 23 percent to Rs6.201 billion for the quarter ended September 30, 2020, translating into EPS of Rs7.05, a bourse filing said.

The company earned Rs5.033 billion with EPS of Rs5.72 in the corresponding period last fiscal. The company did not announce any interim dividend for the quarter ended September 30, 2020, the PSX notice said.

Sales declined dropped 34 percent to Rs23.399 billion in the July-September period.

Brokerage Arif Habib Limited said the decline in sales was witnessed due to lower dispatches (down by 21 percent YoY to 1,671 GWh) along with 36 percent YoY decline in RLNG prices. The decline in load factor was due to addition of coal and hydel plants in the system, however total dispatches of the country (excluding K-Electric) increased by 1.3 percent YoY to 42,445 GWh during Q1FY21.

KAPCO’s other income decreased 7.0 percent to Rs4.054 billion from Rs4.367 billion in the same quarter last fiscal. However, the overdue receivables went up 6.0 percent YoY to Rs99 billion (as of June 2020). The company also booked true-up income which has muted the impact of lower interest rates.

Decline in interest rates and short-term borrowings (negative 19 percent YoY to Rs44 billion as of June 2020) has translated towards a decline in finance cost to Rs893 million during Q1FY21 (negative 61 percent YoY).

NPL profit falls 31 percent in Q1

Nishat Power Limited (NPL) profit fell 31 percent to Rs920 million for the quarter ended September 30, 2020 translating into EPS of Rs2.6, a notice said.

The company earned Rs1.337 billion with EPS of Rs3.779 in the same quarter last fiscal. It did not announce any interim dividend for the quarter under review.

Taurus Securities in its note said the revenue was above its expectations at Rs4.117 billion, though down from the same quarter in FY20 at Rs4.952 billion. The brokerage attributed it to higher than anticipated late payment surcharge.

On year-on-year basis, revenue decreased due to the completion of debt servicing period in its power tariff, while on a QoQ basis, the load factor increased more than fourfold, it said.

Finance cost declined 69 percent YoY on the back of lower interest rates along with lower short-term borrowings.

MLCF earns Rs555mln profit in Q1

Maple Leaf Cement Factory Limited (MLCF) posted Rs555 million profit in the quarter ended September 30, 2020 translating into EPS of Re0.51, a bourse filing said.

The company posted loss of Rs982 million with loss per share of Rs1.41 in the corresponding quarter last fiscal. MLCF did not announce any interim dividend for Q1FY21.

Taurus Securities said the increase of 5 percent in revenue was because of increase in retail prices up north amid rocust demand emanating from positive developments in the sector, and higher retention due to cut in federal excise duty to Rs75/bag against FED of Rs100/bag in the same period last year.

Finance costs of the company dipped by 47 percent YoY to Rs426 million in Q1FY21 led by cut in the benchmark policy rate of the SBP.

MLCF booked effective taxation at 18 percent vis-à-vis a tax reversal of Rs43 million in Q1FY20.