Liberty Energy (LEC) Loses Rs. 7.99 Crores in Q3 of FY 079/80; Incurrs Finacial Expenses of Rs. 14.17 crores; Begins Commercial Production of 25 MW Project
Fri, May 19, 2023 1:36 PM on Latest,
Liberty Energy Company Limited (LEC) has published its third-quarter report for the fiscal year 2079/80 with a Net Loss of Rs. 7.99 crores. In the corresponding quarter the past fiscal year the company had lost Rs. 1.99 crores.
The company has incurred Rs. 14.17 crores as financial expense, which the company claimed occurred due to various force majure events that arose during the construction period. This has negatively affected the profitability of the company.
The hydropower company has been able to generate Rs. 13.11 crores from sales of electricity. Meanwhile, the administrative and other operating expenses of the company has decreased by 65.23 % to shrink to Rs. 57.05 lakhs up to the third quarter of the current fiscal year.
LEC maintains a paid-up capital of Rs. 1.50 Arba.
The Earnings per Share (EPS) ratio of the company stands at a negative Rs. -5.33 and has a below par Net Worth Per Share of Rs. 83.03 only.
The closing price of the company’s share at the end of the third quarter of FY 2079/2080 was Rs. 270.
The Upper Dordi "A" Hydropower Project (25MW) owned by the company located in Lamjung district is in continuous operation during the end of the third quarter. All the overhead costs which are not related to the project or are not directly attributable to the construction of the project, which were earlier charged to Capital work in progress have been transferred to Profit or Loss Account resulting in negative EPS after the implementation of Nepal Financial Reporting Standards (NFRS). The commercial operation has begun from Mangsir, 2079.
The company informed that the other projects whose survey license is owned by the company namely--Badigad Khola Hydropower Project (24.6 MW in Baglung, Lodo Hydropower Project (1.6 W) in Lamjung have completed feasibility study and IEE and applied for the generation license at Department of Electricity Development (DOED).
Earlier, Liberty Energy Company had convened its 13th AGM on Baisakh 25, 2080 under the leadership of company’s chair Mr. Kush Kumar Joshi. The AGM had endorsed the proposal to float 50% of right shares i.e., Rs 75 crore worth of right shares to its existing shareholders.
Major Financial Highlights:
| Particulars (In Rs '000) | Liberty Energy Company | ||
|---|---|---|---|
| Q3 2079/80 | Q3 2078/79 | Difference | |
| Paid Up Capital | 1,500,000.00 | 1,500,000.00 | 0.00% |
| Retained Earnings | -254,624.52 | -170,843.02 | - |
| Property, Plant & Equipment | 21,927.85 | 23,214.52 | -5.54% |
| Trade Receivables | 16,125.31 | 1,634.64 | 886.47% |
| Cash and cash equivalents | 55,993.27 | 130,789.51 | -57.19% |
| Revenue | 131,155.07 | - | - |
| Administrative & Other Operating Expenses | 5,707.14 | 16,411.65 | -65.23% |
| Finance Expenses | 141,751.52 | - | - |
| Net Loss | 79,985.53 | 19,918.68 | 301.56% |
| EPS (In Rs.) | 5.33 | 1.77 | 201.17% |
| Net Worth per Share (In Rs.) | 83.03 | 88.61 | -6.30% |
| Qtr End Market Price | 270 | - | - |
