Business Report :
Khulna Power Company Ltd (KPCL) reported a substantial profit decline in the first quarter of the current financial year, primarily due to power plant shutdowns linked to unresolved agreements with the Bangladesh Power Development Board (BPDB).
Profit of the power producer plunged 72 percent to Tk 1.76 crore in the July-September quarter.
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Earnings per share (EPS) dropped to Tk 0.04 from Tk 0.16 in the same period last year, as per its unaudited quarterly financial statements.
The profit decline was attributed to the postponement of operations of its plants.
Earlier, the company shut down its 115-megawatt unit in Khulna and 40-megawatt unit in Jashore, as a deal with BPDB couldn’t be reached.
This largely impacted its revenue, which fell 55 percent to Tk 82.22 crore.
Net operating cash flow per share turned negative, dropping to Tk 0.05 in the negative from Tk 0.13, which the power producer attributed to delayed payments from BPDB.
