Panasian Power (the Company) and Group posted a profit of Rs 54 million and Rs 152 million respectively during the financial year -2017/2018, Chairman and Chief Executive Officer of the company, Dr Prathap Ramanujam told shareholders of the company in its latest annual report.
Accordingly, during the period under review, the Group has recorded a profit after tax growth of 620 percent amounting to Rs. 152 million. In addition, operational excellence, plant productivity focus and prudent cost efficiencies attributed further in expanding the profit margin to 32 percent. However, net finance cost has increased by 26 percent YoY due to additional debt funding of Rs 700 million.
“The loan was mainly utilized to finance the acquisitions and carry out the construction work of Padiyapelella Hydropower Limited,” he said.
Furthermore, the Group witnessed a 139 percent YoY top line growth to record consolidated revenue of Rs. 489 million for the year under review.
“This was mainly due the revenue of Rs 196 million from Padiyapelella Hydropower Limited,” he said. The Group’s electricity generation for the period under review was 30 million Units (KWh) versus 14 million Units (KWh) generated in the previous year. The revenue expansion also resulted due to the completion of three rooftop solar power plants which has a combined capacity of 1.2 MW.
The plants are located in Kolonna, Boralesgamuwa and Kohowala with capacities of 300KW, 400KW and 500 KW respectively.
During the period, the company has also acquired Eco Green Solar Solutions (Pvt) Ltd, which has a 1 MW Solar Power permit in Beliaththa.
“On the growth front, the progress of the pre-development work in the 5.4 MW hydro projects and 5 MW Solar Projects respectively are currently on track,” he said. The report also stated that Panasian Power PLC is adding new projects and plans to achieve a Rs. 300 million bottom-line by 2020 with additional solar projects and the company is confident of achieving 30 MW capacity by 2022 or earlier.
The company is aligned with the government’s goal to generate 30% of electricity from
renewable energy in Sri Lanka by 2020, with an aim to increase that level up to 50% by 2030. Over the course of the coming year, the company will work to further consolidate operations across its plants while exploring new opportunities for growth and expansion.
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