The stock market regulator has granted Summit Power an additional three-month time to submit its pending financial statements.
With the extended time, the power producer will have to submit its annual financial statement for FY24 along with the ones for the first and the second quarters of FY25 by March next year.
An audited financial statement for the fiscal year ended in June this year was supposed to be submitted by October 28. An unaudited first-quarter financial statement for the three months through September has remained pending since November 14, and the second-quarter statement for the period through December will become due in January next year.
Private sector power production is no longer a profitable business in Bangladesh since the government has been slowly moving away from contract-based power purchase.
Once a very profitable company, Summit Power showed a decline in profits for the last few years. Hence, the dividend payment has also shrunk.
It reported a slightly higher profit for the first nine months of FY24, compared to the same period of FY23. Later, it demanded more and more time from the securities regulator for publishing the annual report, saying it was waiting for payment settlement by the government.
Summit Power has refrained from disclosing the annual report for FY24 when all listed power producers published their financial statements.
Nine listed power producers reported to have seen dwindling revenue as the government began pulling out from quick rental plants to ease the burden of capacity charge payments and bring down the price of electricity.
In the last one year, investors of Summit Power have seen 57 per cent erosion of their equity investments.
On Sunday, the stock of the company closed at Tk 14.9 per share on the Dhaka Stock Exchange, 0.67 per cent lower than the previous day.
Summit Power experienced a 50 per cent year-on-year reduction in profit to Tk 2.2 billion in FY23 and paid 10 per cent cash dividends to shareholders for the year, down from 20 per cent for the year before.
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