Doreen Power logs 26pc higher profits

Doreen Power posted 26 per cent higher earnings at Tk 79.04 crore in July-December of 2021 on the back of handsome revenue growth.

The power producer said its revenue was Tk 463.59 crore from July to December, up 42 per cent from Tk 327.59 crore recorded in the same period a year ago.

But the cost for furnace oil, the fuel used to generate electricity, soared during the period, said Masudur Rahman Bhuiyan, company secretary of Doreen Power Generations and Systems Ltd.

Overall, the gross operating profit of the company increased 16 per cent year-on-year to Tk 94.95 crore in the six months to December.

Earnings per share rose to Tk 4.86 in July-December, against Tk 3.85 a year ago, thanks to a significant increase in revenue of two subsidiaries and a decrease in finance cost of the group aided by a reduction of outstanding loan and interest rate.

Incorporated in August 2007, Doreen Power supplies 110 megawatts of electricity to Bangladesh Power Development Board and Bangladesh Rural Electrification Board from its five plants under an agreement with the government.