Panasian Power PLC, a green energy solutions provider, posted a consolidated net profit of Rs. 99 million for the quarter ending June 30, 2018. This represented an incredible growth of 1380% compared to the same period last year.
Revenue grew by 134% to reach Rs. 177.7 million. Operating profit for the quarter increased to Rs. 138.7 million from Rs. 40.3 million during the same period last year.
These results were attributed to contributions from the Padiyapelella, Manelwala and Rathganga mini hydropower plants, both of which have Standardised Power Purchase Agreements (SPPA) with the Ceylon Electricity Board (CEB) to supply all of the energy generated to the national grid.
During the period under review Panasian Power recorded its first solar power income.The company increased margins during the quarter by exercising prudent cost control practices which brought down direct expenses and finance costs.
This resulted in direct expenses of Rs. 19.5 million compared to Rs. 22.9 million during the same period last year and a finance cost of Rs 25.8 million compared to Rs. 33.6 million during the corresponding period last year.Chief Executive Officer, Panasian Power, Dr. Prathap Ramanujam said, “This monumental growth is validation of the steps we took last year to aggressively seek bottom line growth.
“We fully expect these figures to improve further over time as power generation increases at the plants and with greater contribution coming from our solar power investments. With several solar projects in the pipeline, we continue to explore new opportunities both here and abroad,” he said.
General Manager and Executive Director, Panasian Power, Pathmanatha Poddiwala said, “We have already begun construction on another 900 Kw rooftop solar plant in Kelaniya and a 1 MW ground solar plant is expected to begin construction during the second quarter of this financial year.”