Ridi Hydropower earns Rs 67.03 lakh in Q2; Income from power sales drop by 26.60%

Ridi Hydropower Development Company Limited (RHPC) has posted decrease in net profit by 35.84 percent in the second quarter of the fiscal year 2072/73. Publishing the unaudited financial report for the second quarter today, the subsidiary of Arun Valley Hydropower Development Committee (AHPC) has stated that its profit after income tax has decline to Rs 67.03 lakh in Q2 from Rs 1.04 crore in the corresponding quarter of the previous fiscal year. Ridi’s income from power sales decreased from 1.78 crore in the previous year report to Rs 1.30 crore in the second quarter of the fiscal year 2072/73-- a decline by 26.60%. Meanwhile, its income from other sources rose to Rs 62.81 thousand in the Q2 from Rs 45.75 thousand. The company’s operating profit has also drop to Rs 1.03 crore in Q2 from Rs 1.45 crore in the corresponding quarter of previous year. RHPC share capital and reserve fund stand at Rs 33 crore and Rs 6.34 crore respectively in the second quarter. The Hydropower Company has made investment of Rs 3.16 crore. Its Earning per Share (EPS) stands at Rs 2.03 (quaterly), net worth per share is at  Rs 119.23 and P/E ratio at 198 times. RHPC is operating a 2400 kW Ridikhola Small Hydropower Project at Ruru VDC of Gulmi district, Western Development Region of Nepal.  It has been developed as an umbrella company of Arun Valley Hydropower Development Company Limited that has already built and operating a 3MW Piluwakhola Project in Eastern Nepal. The company is planning to develop other hydropower projects in future.