By: Taurus Securities Limited
Nishat Power Limited (NPL) announced its 1QFY16 financial results, wherein the power producer has reported net earnings of PKR930mn(EPS PKR2.6), up 17% YoY compared to PKR792mn (EPS PKR2.2) SPLY. Along with the results, the company announced a first interim cash dividend of PKR1.0/share.
During 1QFY16 revenues of the company decline by 35% YoY on the back of subdued furnace oil prices in addition to lower dispatches while gross profits clocked in at PKR1.2bn, down 3%YoY.
Furthermore, finance cost was recorded at PKR242mn, massively dropped by 43% YoY on the back of reduced debt levels and continued monetary easing.
On a sequential basis, however, the IPP printed net revenues of PKR4.5bn, up 8% QoQ on the account of increase in power dispatches during the 1QFY16 (340 GWh as opposed to 312 GWh in last quarter), however, continued decline in fuel prices contained the top‐line.