* Diversifies into solar energy
* Pays dividend of 13 cents per share
Panasian Power PLC, a green energy solutions provider, posted a consolidated net profit of Rs. 54 million for the quarter and Rs.153 million for the six months ending September 30, 2018.
This represents a 110% and 452% increase, over the corresponding period of the previous year. Operating profit for the quarter increased to Rs. 74.7 million from Rs. 41.8 million during the corresponding period of the previous year. This represents a growth of 159% for the half year.
Major contributors to this result were the Padiyapelella Mini Hydropower Plant and the Rathganga Mini Hydropower Plant which contributed Rs. 93 million and Rs. 50 million respectively to the Group’s net profit during the period under review.
The Manelwala mini hydropower Plant also made significant contributions towards the growth in revenue during the quarter. The period under review also includes the Group’s diversified solar power income, initiated in the previous quarter.
The Group’s revenue increased by 137% compared to the previous six months, again due to major contributions from the Padiyapelella and the Rathganga mini Hydropower Plants. By exercising prudent cost control, the Group was able to reduce the finance cost by 9% during the period.
Panasian Power Chief Executive Officer Dr. Prathap Ramanujam said, “This continued success is only possible thanks to the calculated steps we took last year to diversify our income streams and implement vigilant cost control measures that have helped grow our bottom line.”
“We have commissioned an 800 Kw rooftop solar power project during the quarter while 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,” he said.
Construction work on a 3.5 MW rooftop solar project and a 1 MW ground solar project is currently in progress. Pre-development work on a 5.4 MW hydro project and an 8 MW ground solar project are currently on schedule.
On the back of strong year end results, Panasian Power issued a dividend of Rs. 0.13 per share in July 2018.
As of September 30 the net asset value per share stood at Rs. 2.76 up from Rs. 2.47 during the same period in 2017.
Panasian Power PLC which was established 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 30 MW by 2020.
The Group consists of the Company and its fully owned Subsidiaries, Manewala Hydropower Ltd, Panasian Investments Ltd, Eco Green Solar Solutions Ltd, sub- subsidiary companies, and two Joint Ventures.