Mountain Energy Nepal (MEN) Calls AGM With These Agendas

Mountain Energy Nepal Limited (MEN) has called its 8th AGM on 25th Poush, 2078. The meeting will be held in Amrapali Banquet, Kathmandu, starting at 10 am that day.

These are the agendas of the AGM:

1) Endorsement of the annual report prepared by the board of directors for FY 2077/78.
2) Endorsement of the report prepared by the auditor.
3) Appointment of auditor for the fiscal year 2078/79 and approval of their compensation.

Poush 12 is the book closure date. Thus, shareholders maintained before that day can attend this AGM.

Mountain Energy Nepal Limited (MENL) has posted an increase in net profit by a massive 785.82% in the first quarter (Q1) of the current FY 2078/79. The profit increased to Rs. 29.35 crores in this quarter from Rs. 3.31 crores in the corresponding quarter of the previous year.

As per the management, revenue from the sale of electricity includes revenue generated by Tadi Khola (5 MW) and Mistri Project (42 MW). Mistri Khola Project (42 MW) has started commercial operation from Ashad 03, 2078 and has received Rs. 66.05 lakhs which represents revenue from the construction of the project which is based on forecast plus 5% as per IFRIC 12 of NFRS (accounting standard).

Its reserve fund stands at Rs. 70.42 crores with share capital at Rs 1.96 Arba. The short-term and long-term borrowings of the company rose to Rs. 4.14 Arba by the end of the first quarter.

The company sits in a fair liquidity position of 3.07 times. The acceptable ratio is 1.5 times.

Its earning per share (not annualized) stands at Rs. 14.91. The net worth per share at Rs 135.79 and the P/E ratio stood at 74.76 times. MEN closed at Rs. 1,064.80 yesterday.

AGM notice