Panasian Power constructing more solar power plants
View(s):Panasian Power PLC, which saw a growth spurt in the last quarter ending June 2018, has begun construction on another 900 Kw rooftop solar plant in Kelaniya while a 1 MW ground solar plant is expected to begin construction during the second quarter of the current financial year.
According to Pathmanatha Poddiwala, the company’s General Manager and Executive Director, Panasian has also entered into an agreement to build and operate a 2.9 MW rooftop solar plant in the Kurenegala district which is expected to be commissioned during the third quarter of his financial year.”
The company, in a media release, said it has reported a consolidated net profit of Rs. 99 million for the quarter ending 30th June 2018, up sharply by 1380 per cent compared to the same period last year.
Revenue also grew during this period by 134 per cent to reach Rs 177.7 million. Operating profit for the quarter increased to Rs 138.7 million from Rs 40.3 million during the same period last year.
These strong results were attributed to contributions from the Padiyapelella, Manelwala and Rathganga mini hydropower plants, both of which have Standardised Power Purchase Agreements (SPPA) with the Ceylon Electricity Board (CEB) to supply all of the energy generated to the national grid. The period under review also saw Panasian Power record its first solar power income. The company was also able to increase margins during the quarter by exercising prudent cost control practices which brought down direct expenses and finance costs. This resulted in direct expenses of Rs 19.5 million compared to Rs 22.9 million during the same period last year and a finance cost of Rs 25.8 million compared to Rs 33.6 million during the same period last year.
Commenting on the results, CEO Dr Prathap Ramanujam, said, “We fully expect these figures to improve further over time as power generation increases at the plants and with greater contribution coming from our solar power investments. With several solar projects in the pipeline, as part of our continued energy diversification plans, and as we continue to explore new opportunities both here and abroad, we are that much closer to realizing our ultimate goal of securing a clean energy future.”