LAUGFS POWER PLC
INTERIM FINANCIAL REPORT FOR THE QUARTER ENDED 31ST DECEMBER 2022
1
GROUP MANAGING DIRECTOR'S MESSAGE
Dear Shareholders,
We are pleased to submit with you the unaudited financial statements of Laugfs Power PLC for the quarter ended 31st December 2022.
The impact of escalation of interest rates affected the financial results of Laugfs Power PLC and its group of companies once again during the 3rd quarter ended 31st December 2022.
The financial cost incurred during the 2nd quarter ended 30th September 2022 was LKR 155.5 million and this has slightly increased to 156.4 million during the 3rd quarter ended 31st December 2022. In addition to the cost of finance general inflation negatively impact to the operational expenses incurred by the company during the period under review.
Further, the company liquidity position was seriously affected by the non-recipient of payment from the Ceylon Electricity Board for power purchase and receivable for power purchase outstanding well over 12 months period amounting to LKR 1,042 million as at 31st December 2022.
Despite difficult macro-economic environment, the management will continue to take every endeavour to manage its operation to the best of their abilities.
Sgd.
Piyadasa Kudabalage
Group Managing Director/GCEO
13th February 2023
2
LAUGFS POWER PLC
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
For the Quarter ended 31st December 2022
Quarter ended 31st December | Nine Months ended 31st December | Year ended 31 | |||||||||||||||||
March | |||||||||||||||||||
Unaudited | Unaudited | Audited | |||||||||||||||||
2022 | 2021 | Change | 2022 | 2021 | Change | 2022 | |||||||||||||
Rs. | Rs. | % | Rs. | Rs. | % | Rs. | |||||||||||||
Revenue | 223,832,456 | 251,206,140 | -11% | 742,116,445 | 779,953,727 | -5% | 1,027,698,539 | ||||||||||||
Cost of Sales | (81,303,092) | (80,039,747) | 2% | (241,428,715) | (239,463,534) | 1% | (317,936,987) | ||||||||||||
Gross Profit | 142,529,364 | 171,166,393 | -17% | 500,687,730 | 540,490,193 | -7% | 709,761,552 | ||||||||||||
Other Operating Income | - | - | 0% | - | - | 100% | - | ||||||||||||
Administrative Expenses | (39,043,288) | (38,603,973) | 1% | (113,091,396) | (107,304,247) | 5% | (147,109,418) | ||||||||||||
Impairment of Non-Current Assets including Goodwill | - | - | - | - | (1,261,888,955) | ||||||||||||||
Operating Profit | 103,486,076 | 132,562,420 | -22% | 387,596,334 | 433,185,946 | 0% | (699,236,821) | ||||||||||||
Finance Cost | (156,416,700) | (54,983,736) | 184% | (405,896,542) | (158,489,755) | 156% | (220,167,820) | ||||||||||||
Finance Income | 232,941 | 97,221 | 140% | 258,887 | 397,582 | -35% | 474,602 | ||||||||||||
Profit Before Tax from Continuing Operations | (52,697,683) | 77,675,904 | -168% | (18,041,321) | 275,093,773 | -107% | (918,930,039) | ||||||||||||
Income Tax Expense | (42,412,141) | (1,702,675) | 2391% | (44,497,003) | (5,568,778) | 699% | 16,059,403 | ||||||||||||
Profit for the Period | (95,109,824) | 75,973,229 | -225% | (62,538,324) | 269,524,995 | -123% | (902,870,636) | ||||||||||||
Attributable to: | |||||||||||||||||||
Equity Holders of the Parent | (95,109,824) | 75,973,229 | -225% | (62,538,324) | 269,524,995 | -123% | (902,870,636) | ||||||||||||
Non-Controlling Interests | - | - | - | - | - | ||||||||||||||
(95,109,824) | 75,973,229 | (62,538,324) | 269,524,995 | (902,870,636) | |||||||||||||||
Basic/Diluted Earnings Per Share | (0.25) | 0.20 | 0% | (0.16) | 0.70 | 0% | (2.33) |
Note : Change % column represents the percentage change in current period's results compared to previous period
The above figures are subject to audit.
Figures in brackets indicates deductions.
3
LAUGFS POWER PLC
CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME
For the Quarter ended 31st December 2022
Quarter ended 31st December | Nine Months ended 31st December | Year ended 31 | ||||||||
March | ||||||||||
Unaudited | Unaudited | Audited | ||||||||
2022 | 2021 | Change | 2022 | 2021 | Change | 2022 | ||||
Rs. | Rs. | % | Rs. | Rs. | % | Rs. | ||||
Profit for the Period | (95,109,824) | 75,973,229 | -225% | (62,538,324) | 269,524,995 | -123% | (902,870,636) | |||
Other Comprehensive Income | ||||||||||
Actuarial Gains/(Losses) on Defined Benefit Plans | - | 0% | - | 0% | 1,749,219 | |||||
Tax Effect | - | 0% | - | 0% | (230,811) | |||||
Other Comprehensive Income for the Period Net of Tax | - | - | 0% | - | - | 0% | 1,518,408 | |||
Total Comprehensive Income for the Period Net of Tax | (95,109,824) | 75,973,229 | -225% | (62,538,324) | 269,524,995 | -123% | (901,352,228) | |||
Attributable to: | ||||||||||
Equity Holders of the Parent | (95,109,824) | 75,973,229 | -225% | (62,538,324) | 269,524,995 | -123% | (901,352,228) | |||
Non-Controlling Interests | - | - | 0% | - | - | 0% | - | |||
(95,109,824) | 75,973,229 | -225% | (62,538,324) | 269,524,995 | -123% | (901,352,228) |
4
LAUGFS POWER PLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the Quarter ended 31st December 2022
Stated | Retained | Available for | Total | ||||
Capital | Earnings | Sale Reserve | |||||
Rs. | Rs. | Rs. | Rs. | ||||
Balance as at 01 April 2022 | 1,880,000,000 | 164,128,661 | - | 2,044,128,661 | |||
Profit for the Six Months | - | (62,538,324) | - | (62,538,324) | |||
Other Comprehensive Income | - | - | - | - | |||
Total Comprehensive Income | - | (62,538,324) | - | (62,538,324) | |||
Dividend Paid | - | - | - | - | |||
Balance as at 31st December 2022 | 1,880,000,000 | 101,590,337 | - | 1,981,590,337 | |||
Balance as at 01 April 2021 | 1,880,000,000 | 1,065,480,889 | - | 2,945,480,889 | |||
Profit for the Six Months | - | 269,524,995 | - | 269,524,995 | |||
Other Comprehensive Income | - | - | - | - | |||
Total Comprehensive Income | - | 269,524,995 | - | 269,524,995 | |||
Dividend Paid | - | - | - | - | |||
Balance as at 31st December 2021 | 1,880,000,000 | 1,335,005,884 | - | 3,215,005,884 | |||
Note : The above figures are subject to audit.
Figures in brackets indicates deductions.
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Laugfs Power Ltd. published this content on 14 February 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 February 2023 11:21:50 UTC.