Group revenue increased to LKR 187 million from LKR 170 million during the
corresponding period last year mainly due to improvement in subsidiary company income by
LKR 34 million to LKR 182 million from LKR 147 million amidst a drop in interest income
by LKR 17 million to LKR 5 million from LKR 22 million.
Operating expenses for the period remained essentially static at LKR 72 million compared to
the same period last year. Accordingly operating profit for the period was LKR 115 million
compared to LKR 97 million last year.
Share of profit from associate companies for the period increased by LKR 131 million to
LKR 537 million from LKR 406 million last year mainly due to higher contribution from
thermal power plants in Bangladesh. Significant reduction in contribution from wind power
plants was observed due to equipment failure at Norochcholai grid substation. Contribution
from hydro power plants was considerably higher than in the previous year.
Profit before interest and tax for the period increased by LKR 149 million to LKR 652
million from LKR 503 million last year. Interest cost for the period was LKR 149 million
compared to LKR 154 million last year.
Accordingly profit before tax for the period increased to LKR 504 million compared to LKR
349 million during the same period last year.
The tax charge for the period was LKR 13 million compared to LKR 50 million last year.
Accordingly profit for the period was LKR 490 million compared to LKR 299 million last
year an increase of LKR 191 million. Profit attributable to equity holders of the company for
the period was LKR 459 million compared to LKR 282 million during the same period last
year reflecting an increase in EPS to LKR 79 cents from LKR 48 cents.
Due to favourable weather conditions that prevailed during the period compared to the same
period last year, overall power generation in hydro power plants increased to 28.4 million
units from 24.5 million units last year. However power generation in wind power plants
during the period recorded a considerable decline to 8.6 million units from 29.5 million units
last year due to the inability to dispatch electricity to the grid following equipment failure at
Norochcholai grid substation on 25th July 2020. From 16th September 2020 Pawan Danavi
plant was allowed to dispatch electricity to the grid through a temporary connection up to a
maximum capacity of 1.5 MW compared to its installed capacity of 10.2 MW. Nala Danavi
plant of 5.1 MW installed capacity on the other hand remains idle to date. It is unlikely that
normalcy will be restored before April 2021.