Result: Nishat Power profits rise four fold

KARACHI: Nishat Power Limited’s (NPL) net profit rose four times to Rs1.88 billion in fiscal 2011 compared with Rs47 million posted in fiscal 2010, according to a notice sent to the Karachi Stock Exchange on Monday. Overall, net sales jumped 19 times to Rs20.9 billion on a yearly basis against Rs1.02 billion posted in the same period last year. The power producer’s stock fell to its lower limit of Re1 to close at Rs14.72 during trade at the Karachi Stock Exchange (KSE) on Monday as the lower-than-expected result was not taken well by the market, according to Elixir Securities equity dealer Nazim Abdul Muttalib. NPL is part of the Nishat Group, whose chairman is Mian Mohammad Mansha. MCB Bank, the second largest bank in terms of assets, also comes under the group.

Published in The Express Tribune, September 6^th, 2011.