LVL Energy Fund Group has recorded a profit after tax of Rs. 447 million for the 9-month period ended 31 December 2017 compared to Rs. 469 million for the corresponding period in the previous year, said LVL Energy Fund Limited Director and CEO D Sumith Arangala.
The decline in profit after tax was partly attributable to the increase in finance cost by Rs. 46 million to Rs. 155 million from Rs. 109 million in the previous year due to increased project related borrowings.
A significant drop in financial cost can be expected in the fourth quarter of the financial year compared to the third quarter due to the settlement of debt amounting to Rs 620 million out of IPO proceeds.
Income from subsidiary companies increased by Rs 98 million to Rs 311 million from Rs.213 million in the previous year whilst operating expenses increased to Rs103 million from Rs. 88 million in the previous year due to increase in operating expenses of subsidiary companies in line with their increased income.
Accordingly operating profit increased to Rs.217 million from Rs. 134 million in the previous year. Share of profit from equity accounted investees also increased to Rs. 412 million from Rs. 399 million in the previous year but profit before interest and tax for the period was lower at Rs. 628 million compared to Rs. 641 million in the previous year.
It shall be noted however that last year’s figure of Rs 641 million included a one-off item of Rs 108 million resulting from the reclassification of an available-for-sale financial asset from other comprehensive income to profit or loss.
Tax charge for the period was Rs 26 million compared to Rs 62 million in the previous year partly due to decline in withholding tax attributable to dividend income arising from timing differences in the declaration of dividend by companies under the Group.
Profit attributable to equity holders of the company for the period was Rs 395 million compared Rs 437 million in the previous year. However last year’s figure of Rs. 437 million included the entirety of the aforesaid one-off item of Rs 108 million.
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