KARACHI: Kot Addu Power Company (KAPCO) has announced a net profit of Rs4.429 billion for the quarter ended March 31, 2021, down 26.8 percent from the profit of Rs6.04 billion recorded in the corresponding period last year.
The earnings per share (EPS) for the quarter under review clocked in at Rs5.03 compared with the EPS of Rs6.87 previously. However, the company did not declare any cash dividend along with the results.
KAPCO’s sales revenues for the quarter clocked in at Rs11.56 billion as against Rs11.92 billion in the same period last year. During Q3FY21, sales revenue went down 3 percent due to lower dispatches along with lower furnace oil prices. During 9MFY21, sales declined 19 percent due to the same reasons, an analyst at Arif Habib Limited said. During Q3FY21, other income declined 58 percent to Rs2.2 billion due to lower interest rates. “However, overdue receivables increased 3.0 percent to Rs104 billion as of December 2020.”
Finance cost declined 64.5 percent to Rs770.67 million during Q3FY21 as against Rs2.17 billion in the same quarter last year. “Finance cost decreased on the back of lower interest rates and lower short term borrowings,” Arif Habib Limited analyst said.
For the nine-month period ended March 31, 2021, KAPCO posted a net profit of Rs15.92 billion translating into EPS of Rs18.09 compared with the profit of Rs17.77 billion and EPS of Rs20.19 in the same period last year.
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