Summit Power sees fall in revenue, rise in net profit in Q1 of FY2025-26
Their net finance costs decreased to Tk59.34 crore in Q1 of FY26, from Tk77 crore in the corresponding period of FY25. Its share of profit from equity investments increased to Tk26.82 crore, up from Tk18 crore
After suffering an 87.86% drop in annual profit in the 2024–25 fiscal year, Summit Power Limited — an independent power producer — has reported a 13.89% rise in net profit in the first quarter of the current fiscal year, despite a significant fall in revenue.
According to its interim condensed consolidated financial statement for the July–September period, Summit Power's revenue declined 43.89% year-on-year to Tk945.30 crore, down from Tk1,684 crore in the same period of the previous fiscal year.
Despite the revenue slump, the company's net profit rose to Tk145.62 crore in Q1, compared to Tk127.85 crore a year earlier. Earnings per share (EPS) stood at Tk0.62, compared to Tk0.85 in the July–September quarter of FY25.
Keep updated, follow The Business Standard's Google news channel
Summit Power's net finance costs decreased to Tk59.34 crore in Q1 of FY26, from Tk77 crore in the corresponding period of FY25. Its share of profit from equity investments increased to Tk26.82 crore, up from Tk18 crore, the report showed.
In a price-sensitive disclosure on 23 October, the company said that 7 of its 15 power plants had remained shut during FY25. Together, the 15 plants have a combined generation capacity of 930.55MW, of which the seven non-operational plants accounted for 234MW.
As a result of the shutdowns, Summit Power recognised an impairment loss of Tk152 crore in FY25.
The company said that following the expiry of power purchase agreements (PPAs), four plants operated partially on a "no electricity, no payment" basis, while three remained non-operational throughout the year.
For FY25, Summit Power recommended a 10.5% cash dividend for shareholders.
