Hemas Power PLC increased its net profit by 8% in the three months ended 31 March 2010 despite lower revenue compared to the same period in 2009. The company’s consolidated interim financial results shows a net profit of Rs.97 million for the period under review in comparison to Rs.89 million recorded for the same three month period in 2009. Revenue declined by 14% to Rs.689 million from Rs.798 million the previous year. However, cost of the electricity generated declined by 18% to Rs.516 million.
Gross profit for the period increased by 1% to Rs.173 million. The consolidated income statement shows that administrative expenses increased by 100% to Rs.46 million for the period under review although finance costs decreased by 51% to Rs.31 million.
Consolidated profit for the twelve months ended 31 March 2010 increased by 6% to Rs.243 million as against net profit of Rs.230 million for the same period in 2009. Revenue for the twelve months under review declined by 41% to Rs.2.8 billion. The cost of electricity generated went down by 46% for the period to Rs.2.3 billion. Administrative expenses increased by 42% while finance costs decreased by 28%.