The net profit of the hydro power unit of the Hemas Holdings PLC fell steeply amidst cost increases and exchange losses, the financial interims released to the Colombo Stock Exchange (CSE) showed.
The 4Q12 net profit of Hemas Power fell 78 percent year-onyear ( YOY) to Rs.24 million despite a 46 percent YOY to Rs.1.3 billion increase in revenue.the cost of electricity generated during the quarter rose 57 percent YOY to Rs.1.2 billion while gross profit fell 10 percent YOY to Rs.136 million.
The exchange loss the firm incurred during the quarter rose 1618 percent to Rs.57.7 million. The Earnings Per Share (EPS) for the quarter also fell to 16 cents from 88 cents.meanwhile, the net profit for the financial year 2012 also fell 37 percent YOY to Rs.270 million. The annual EPS fell to Rs.1.97 from Rs.3.30.