Amid the hue and cry by the public over highly inflated electricity bills, Nishat Chunian Power Limited recorded a 5.8 per cent growth in its net profit despite a plunge in revenue. The company posted a profit after tax of Rs1.465 billion [earnings per share – basic and diluted EPS: Rs3.99] during the quarter ending September 2024, up from Rs1.385 billion [EPS: Rs3.77] in the same period last year.

Its revenue fell significantly by 69.5 percent to Rs2.077 billion compared to Rs6.805 billion. Gross profit decreased 10.2 per cent to Rs1.382 billion in Q1 FY25 compared to Rs 1.539 billion last fiscal year.

The gross margins, however, improved notably to 66.6 per cent compared to 22.6 per cent.

During the period under review, other income expanded 745.4 percent to Rs239.14 million in Q1 FY25, compared to Rs28.29 million.

On the expense side, the company’s administrative expenses rose 66.3 percent from a year ago to Rs66.76 million, and other operating expenses rose 6253 percent to Rs66.71m.

The company’s finance cost declined 99.4 percent to Rs0.9 m from Rs140.72 million.

On the tax front, the company paid a higher tax worth Rs21.71m against an expense paid Rs0.07m in the corresponding period of last year, a rise of 30917.1 percent.