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Kot Addu Power Company (KAPCO) on Thursday announced its 1QFY14 results. Earnings, came in below market consensus, estimates, at Rs 1.73bn (EPS of Rs 1.96), down by 2 percent YoY compared to earnings of Rs 1.75bn (EPS of Rs 1.99) in the same period of last year, analysts at JS Global said.
The decline in profitability is primarily attributed to lower gross profit (-16%YoY) where gross margins have been deteriorated to 8.9 percent from 10.8 percent previously. Higher maintenance cost in 1Q may be the likely reason behind the hike in cost of sales. However, we are unable to get hold of management's take on the reason behind higher cost of sales. As soon as we have further information we will update accordingly, they said.

Copyright Business Recorder, 2013

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