LVL Energy Fund records 17 percent growth | Sunday Observer

LVL Energy Fund records 17 percent growth

LVL Energy Fund PLC recorded 17 percent growth in profitability in the nine months up to December 31, 2018.

LVL Energy Fund PLC rposted a profit before interest and tax of Rs. 710 million for the period compared to Rs. 628 million in the corresponding period last year, reflecting an increase of 13 percent.

Finance cost was recorded at Rs. 104 million compared to Rs. 155 million last year.

Tax charge was higher at Rs. 85 million compared to Rs. 26 million last year. Profit after interest and tax for the period was Rs. 522 million compared to Rs. 447 million last year, an increase of 17 percent.

LVL Energy Fund PLC CEO Sumith Arangala said, “Our conviction of closing the year on a profitable note was well founded, as our nine-month financial performance reflects the astuteness of our investments and professional management.

“The company has succeeded in delivering a noteworthy performance to post a PAT of Rs. 522 million compared to Rs. 447 million in the nine months of the previous year. Profit attributable to equity holders of the company for the period grew to Rs. 483 million compared to Rs. 398 million in the previous year, reflecting an increase of 21 percent and underscoring our commitment to our stakeholders,” he said.

Group income from subsidiary companies for the period stood at Rs. 309 million compared to Rs. 311 million in the previous year, while operating expenses stood at Rs. 110 million compared to Rs. 103 million. Operating profit for the period increased to Rs. 257 million from Rs. 217 million in the previous year.

Share of profit from equity accounted investees also increased to Rs. 468 million from Rs. 412 million in the previous year. LVL Energy Fund PLC also operates in Bangladesh and Nepal.

The company operates seven hydro power projects in the country with a capacity of 19.4 MW and two wind power projects with an installed capacity of 15.3 MW in Kalpitiya. 

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