KARACHI: Kot Addu Power Com­pany (Kapco) announced financial results for June-December 2016 on Tuesday, posting a profit-after-tax (PAT) of Rs4.17 billion and earnings per share (eps) at Rs4.74, which registered a decline of 4 per cent over PAT at Rs4.4bn and eps at Rs5.00 year-on-year.

In the second quarter financial year 2017 alone, the power producer’s net profitability fell by 17pc year-on-year (yoy) to Rs1.85bn (eps Rs2.11).

Along with the results, the company also announced first interim cash dividend of Rs4.30 per share.

On the revenues front, the independent power producer recorded decline of 4pc yoy to Rs32.92bn during first half-year, primarily stemming from 15pc yoy lower electricity dispatches of 2,879GWh (load factor 49pc vs. 57pc same half of previous year).

Another analyst stated that the decline in earnings came on the back of higher operations and maintenance expenses on account of ongoing overhauling of two gas turbines, pushing down the gross profits by 6pc yoy. However, the decline was contained by a 32pc yoy higher net penal income.

Published in Dawn, February 22nd, 2017