Business Desk :
Summit Power Limited reported a 37 per cent decline in its consolidated net profit for the July-December period of fiscal year 2024-25 compared to the same period in the previous fiscal year.
The company disclosed the information in its unaudited financial statement, which was approved during a board meeting held on 21 March, according to a company source.
As per the statement, the consolidated net profit for the first half of FY25 stood at Tk114.56 crore, down from Tk182.22 crore during the same period in the previous fiscal year.
The company attributed the decline in net profit primarily to the non-renewal of the power purchase agreement (PPA) for one of its power plants after its expiration.
Additionally, another plant operated only for a partial period due to a lack of demand from the National Load Dispatch Centre.
Summit Power further explained that three other power plants, despite having their PPAs renewed, were operated on a “no electricity, no payment” basis, meaning they did not receive any capacity payments.
The company also noted that income tax expenses were higher during the first half of FY25, as more plants became subject to taxation following the expiration of their initial PPAs.
At the end of the December, its consolidated earnings per share stood at Tk1.07.
