United Power’s net profits drops 29pc in Q2

| Updated: February 08, 2023 09:13:15

United Power’s net profits drops 29pc in Q2

United Power Generation and Distribution Company Limited (UPGDCL) has reported a 29 per cent fall in its net profit year-on-year in the second quarter (Q2) ended December 2022 due to not receiving any dividend from subsidiaries.

According to the unaudited financial statement, the company’s consolidated net profit stood at Tk 2.90 billion and earnings per share (EPS) Tk 4.84 in October-December 2022 – down from Tk 4.03 billion and EPS Tk 6.85 respectively in the same quarter of the previous year.

The power generation and Distribution Company’s revenue also dropped nearly 15 per cent year-on-year to Tk 10.41 billion in the Q2FY23.

In six months’ for July-December 2022, its EPS also fell by 16 per cent to Tk 9.85, down from Tk 11.84 in the same period a year earlier.

“EPS was lower mainly for not receiving dividend from subsidiaries,” said the company in a stock exchange filing on Monday.

During this period the economy is recovering from COVID-19 pandemic. The consolidated revenue and collection from customers from previous receivables have been increased. As a result, NOCFPS has been increased significantly, it added.

The consolidated net operating cash flow per share (NOCFPS) was Tk 9.59 for July-December 2022 as against Tk (9.22) for July-December 2021.

Its consolidated net asset value (NAV) per share was Tk 49.23 as on December 31, 2022 and Tk 56.38 as on June 30, 2022.

Listed in 2015 under the book-building method, its share remained stuck at floor ----Tk 233.70 since November 9 last year.

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