AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi: Power Holding Limited (PHL) has released its condensed interim financial statements for the quarter ending September 30, 2023. These documents provide a detailed look into the company’s financial health, reflecting a stable financial position with a slight increase in net profits compared to the previous quarter.
The financial overview reveals that PHL maintained a robust non-current asset base with property and equipment listed at PKR 4.59 billion. Long-term deposits and deferred tax assets remained unchanged at PKR 260.50 million and PKR 201.47 million, respectively. The principal portion of finance facilities outstanding tallied at a substantial PKR 683.25 billion.
Current assets saw a notable increase, primarily due to a rise in the current portion of receivables, which moved up to PKR 302.09 billion from PKR 287.88 billion in June 2023. Other current assets including cash and bank balances grew from PKR 380.86 million to PKR 441.32 million by the end of September 2023.
The total equity of the company, combining the issued capital and reserves, increased to PKR 421.82 million, boosted by accumulated profits which grew to PKR 406.82 million. According to information available from the Pakistan Stock Exchange (PSX), this increment reflects a controlled yet positive shift in PHL’s financial strategies.
In liabilities, long-term financing remained steady at PKR 683.25 billion. However, current liabilities experienced an uptick mainly due to increased markup accrued, which rose from PKR 108.22 billion to PKR 114.86 billion.
The quarter also witnessed a net profit of PKR 53.92 million after taxation, compared to PKR 51.34 million in the same period last year. Earnings per share (EPS) consequently rose to PKR 35.95 from PKR 34.23.
In terms of cash flows, PHL reported a modest increase in net cash generated from operating activities, amounting to PKR 60.46 million, up from PKR 81.67 million in the previous year. The financial stability is further evidenced by no new investments or financing activities reported during the period, indicating a strategic pause in expansion and a focus on maintaining liquidity.
Overall, Power Holding Limited demonstrates a sustained ability to manage its financial affairs amid economic challenges, with a consistent focus on maintaining liquidity and profitability.
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