Panasian power sees surge in profits, revenues in 2Q
Renewable energy developer Panasian Power PLC saw both its top and bottom lines growing significantly during the September quarter (2Q19) amid positive contributions from its mini hydro projects and solar power projects.
The earnings for the quarter under review rose to 10 cents a share or Rs.50.1 million, compared to 5 cents per share or Rs.24.6 million reported for the same period, last year.
The revenue for the quarter more than doubled to Rs.184.2 million from a year ago while the operating profits improve to Rs.74.7 million, from Rs.41.8 million.
For the six months ended September 30, 2018, the group reported earnings of 27 cents a share or Rs.136.8 million, compared to 6 cents a share or Rs.30.2 million reported for the same period, last year.
Panasian Power said the Padiyapelella mini hydropower project contributed Rs.93 million to the group’s net profit while the Rathganga mini hydropower project contributed Rs.50 million for the half-year ended September 30, 2018.
The revenue for the period increased to Rs.361.9 million, Rs.153.5 million helped by gains from the Padiyapelella and Rathganga mini hydropower projects.
“We have commissioned an 800 Kw rooftop solar power project during the quarter and a 900 Kw rooftop solar plant in Kelaniya is in the final stage of construction.
The latter will be connected to the grid during the third quarter of this financial year. These projects represent our continued commitment to diversification and we believe they will fuel our future growth,” Panasian Power Chairman/ceo Dr. Prathap Ramanujam said.
He also said the construction of a 3.5 MW rooftop solar project and a 1 MW ground solar project is currently in progress.
Meanwhile, the predevelopment work on a 5.4 MW hydro project and an 8 MW ground solar project are currently on schedule.
As of September 30, 2018, the net asset value per share of Panasian Power stood at Rs.2.76, up from Rs.2.47 during the same period in 2017.
Panasian Power, incorporated in 2002, owns and operates mini hydropower plants and supplies electricity directly to the Ceylon Electricity Board.
In 2017, the company diversified into solar energy to meet its revised target of having an energy portfolio of 30MW by 2020.
As at September 30, 2018, P.L.D. Jinadasa had a 29.64 percent stake in Panasian Power as the single largest shareholder, followed by Dr. T. Senthilverl with a 24.2 percent stake.
The public share holding percentage as at September 30, 2018 was 39.84 percent.