KARACHI: Mehran Sugar Mills Ltd proposes to set up 26.5-megawatt bagasse-based power project at a cost of Rs750 million. The project, to be 100pc owned by the company, would be financed through equity.

The power plant would be operational latest by December 2018. The directors’ who met on Monday also decided to set up a separate company which would diversify in manufacturing and branding of confectionery/baking products. It would require investment of Rs125m and 24pc equity would be held by Mehran Sugar.

The company also declared financial results for the nine months ended June 30, 2016 posting a profit-after-tax of Rs490m translating into earnings per share (eps) of Rs15.29. The earnings were up from Rs329m and eps from Rs10.27 in the corresponding period of the previous year.

Turnover (net) for the latest nine months climbed to Rs5.68bn from Rs2.953bn year-on-year (YoY). Operating profit surged to Rs624m, from Rs413m YoY. For the quarter April-June, PAT amounted to Rs115m, eps at Rs3.58 on net sales at Rs2.95bn, from PAT at Rs102m, eps at Rs3.20 and net turnover at Rs1.56bn YoY.

Published in Dawn, August 2nd, 2016