Doreen Power’s profit falls 17% due to plant shutdowns, increased costs

Doreen Power Generations and Systems said its profit fell in the first quarter of the current financial year, as its plants were  
shut and costs soared.
Doreen Power’s quarterly profit stood at Tk 26.95 crore in July-September quarter, reflecting a decline of over 17 percent year-on-year. 
The earnings per share (EPS) fell to Tk 1.48 for July-September 2024 from Tk 1.80 in the same period last year, according to its unaudited financial statements. 
The power producer attributed the decrease to the shutdown of three power plants since mid-last year and losses from the sale of non-current assets of the Tangail and Feni Plants.
Despite the profit drop, Doreen’s revenue increased by 20 percent year-on-year to Tk 522.98 crore, which the company said was driven by higher customer demand for electricity. 
However, its cost of sales rose significantly, reaching Tk 431.73 crore in the July-September period from Tk 337.53 crore the same period of the previous year, due to increased electricity generation.
The company’s net operating cash flow per share was Tk 15.88 in the negative for July-September 2024, down from Tk 6.07 negative in the same period last year. 
This decrease is due to reduced receipt of bills from customers during the quarter, Doreen said.