Summit's profits up on robust revenue
Monday, 19 July 2010
FE Report
Summit Power Limited (SPL), a publicly listed unit of Summit Group, said Sunday that its profits leaped by 73 per cent on robust revenue in 2010 fiscal.
Group chairman Mohammad Aziz Khan said the company with a market capitalisation of more than US$1.0 billion recorded a revenue growth of 78 per cent in the year ended on June 30.
"Our return on equity is now 21 per cent," he told a press briefing in the city to announce the electricity firm's annual earnings.
SPL's annual earning per share (EPS) is now Tk 4.25 compared with Tk2.32 last year. Net asset value per share (NAVPS) is Tk 17.66 as against last year's Tk 15.66.
Mr Khan said his company has added 110 megawatt electricity to the national grid through its two other subsidiary companies-SUPCL and SPPCL.
He noted that Summit also signed deals and started work to set up another 102 megawatt plant through its subsidiary company Summit Narayanganj Power Company Ltd.
"We'll participate in large projects in future along with its sponsor company-Summit Industrial and Mercantile Corporation Limited (SIMCL)," he said.
Company officials said Summit has so far participated and qualified in the bidding of large projects such as 450 MW Bibiyana and 450 MW Meghnaghat duel-fuel, Bibiyana unit-2, and 225 MW Bhola unit-2.
"If the bidding is fair, we're confident that our company will win many of the projects," he told reporters.
He also said that Summit Group is capable to handle and implement 5000-6000 MW power projects, out of the government's total plan of implementing 9500 MW power plant projects.
He expects that his company's revenue would grow to $500 million and net profit would touch to $100 million in 2014 after the rise in generation capacity.
END/
Summit Power Limited (SPL), a publicly listed unit of Summit Group, said Sunday that its profits leaped by 73 per cent on robust revenue in 2010 fiscal.
Group chairman Mohammad Aziz Khan said the company with a market capitalisation of more than US$1.0 billion recorded a revenue growth of 78 per cent in the year ended on June 30.
"Our return on equity is now 21 per cent," he told a press briefing in the city to announce the electricity firm's annual earnings.
SPL's annual earning per share (EPS) is now Tk 4.25 compared with Tk2.32 last year. Net asset value per share (NAVPS) is Tk 17.66 as against last year's Tk 15.66.
Mr Khan said his company has added 110 megawatt electricity to the national grid through its two other subsidiary companies-SUPCL and SPPCL.
He noted that Summit also signed deals and started work to set up another 102 megawatt plant through its subsidiary company Summit Narayanganj Power Company Ltd.
"We'll participate in large projects in future along with its sponsor company-Summit Industrial and Mercantile Corporation Limited (SIMCL)," he said.
Company officials said Summit has so far participated and qualified in the bidding of large projects such as 450 MW Bibiyana and 450 MW Meghnaghat duel-fuel, Bibiyana unit-2, and 225 MW Bhola unit-2.
"If the bidding is fair, we're confident that our company will win many of the projects," he told reporters.
He also said that Summit Group is capable to handle and implement 5000-6000 MW power projects, out of the government's total plan of implementing 9500 MW power plant projects.
He expects that his company's revenue would grow to $500 million and net profit would touch to $100 million in 2014 after the rise in generation capacity.
END/