Lalpir Power reports profits of Rs307.25m for April-June 2017 quarter

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Karachi: In a notification sent to the bourse on Tuesday, Lalpir Power Limited (LPL) announced its earnings for the quarter ended April-June 2017.

LPL is owned by the Nishat group. It reported a profit of Rs307.25m in comparison to Rs326.51 same period last year (SPLY) registering a fall of 6pc year-on-year (YoY).

JS Research said that the drop-in profitability is attributable to the increasing furnace oil prices which had increased 39pc YoY and power dispatches for LPL were recorded to be stable at 67pc for April-June 2017 quarter to 69pc in SPLY.

Power sales of LPL reached Rs6.11b, registering a rise of 32pc from Rs4.61b in SPLY. Cost of sales also rose to reach Rs5.60b from Rs4.08b in SPLY. Its finance cost also rose to Rs203.05m in 2nd quarter of 2017 compared to Rs174.24m in SPLY.

Jan-June 2017 earnings were recorded at Rs627m rising 10pc from SPLY. Earnings per share for 2nd quarter of April-June 2017 was reported to have fallen to Rs0.81 from Rs0.86 in SPLY.

LPL announced interim cash dividend of Rs1 per share as per BODs recommendation. The company’s shares were trading at Rs20.99, up by Rs0.06 at the close on Tuesday.