Earnings of Nishat Power Limited have remained flattish during the FY14 so far. Its latest financial performance announced at Karachi Stock Exchange revealed that the IPPs earnings increased by only four percent, year on year during 9M FY14.
Flattish earnings of the previous quarters have had a significant role in overall 9M FY14 performance. When looked at the third quarter alone, earnings for the firm propelled by 12 percent year on year.
The main growth drivers of the IPP during the 9M FY14, and particularly 3Q FY14 period have been improvement in the load factors and production, and a reduction in finance cost.
The latter has been the result of resolution of circular debt and the resultant decrease in receivables.
However, this fall in circular debt has also been a cause for restricted growth in the earnings.
Lower penal income during the period kept a lid on gross profits.
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Nishat Power Limited
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Rs (mn) 9MFY14 9MFY13 YoY 3QFY14 3QFY13 YoY
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Sales 20,740 18,588 12% 6,957 5,969 17%
Gross profit 3,404 3,835 -11% 1,256 1,241 1%
Operating profit 3,327 3,783 -12% 1,227 1,230 0%
Finance cost 1,184 1,715 -31% 419 505 -17%
Profit for the year 2,143 2,061 4% 808 724 12%
Earnings per share (Rs) 6.053 5.820 4% 2.282 2.045 12%
Gross margin 16.4% 20.6% 18.0% 20.8%
Operating margin 16.0% 20.4% 17.6% 20.6%
Net margin 10.3% 11.1% 11.6% 12.1%
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Source: KSE Notice
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