Summit Power's revenue drops 30% in H1

Summit Power Ltd experienced a 30% year-on-year decline in revenues during the first half of the current fiscal year. 

According to the company's half-yearly report, its revenue was Tk2,209.77 crore during July-December period of the ongoing FY24, Tk926 crore down from that of the previous year's same period. 

Despite the decline, the independent power producer managed to register growth in profit in H1 thanks to reduced operational expenses. 

Its July-December period's profit grew 9% to Tk182 crore from Tk167 crore one year ago. 

At the end of December, the company's earnings per share stood at Tk1.71.

Earlier, in February, Summit Power recommended a 10% cash dividend to its shareholders for 2022-23 fiscal.

Its annual general meeting is scheduled for April 18 to obtain shareholder's approval for the audited financial report and cash dividend.

At the end of Sunday's trading session, Summit Power's shares closed at Tk24, marking a 2.56% increase over the previous session at the Dhaka Stock Exchange.