Company posts 73pc rise in profit
Summit Power Ltd, a leading power generator, aims to win orders from the government to generate at least 1,400 megawatts of power.
Aziz Khan, chairman of Summit Power Ltd, unveiled the company's mission at a press meet where it disclosed its half-yearly un-audited financial report.
Summit's target for power falls in line with the government's mega-plan for generating 9,426 megawatts by 2015.
According to the financial report, Summit posted a 73.55 percent rise in profit to Tk 55.97 crore in the first half of 2010, compared to the same period a year ago.
The earnings per share of the company almost doubled to Tk 20.03 in the first half of 2010, compared to the same year-earlier period.
Summit added 110 megawatts of power to the national grid through its subsidiary companies Summit Uttaranchal Power Company Ltd and Summit Purbanchal Power Company Ltd.
Recently, Summit Group has signed a contract with the government and started work to deliver another 102 megawatts of power through its Summit Narayanganj Power Company Ltd.
According to the chairman of the company, Summit has recently signed a deal with General Electric (GE) of Austria to participate in the government's mega power plan.
GE will bring financial and technical support to implement Summit's future projects.
Summit Power also plans to raise more than Tk 300 crore from capital market by issuing fully convertible preference shares to build additional capacity to implement the new power projects.
Summit Power Managing Director Tauhidul Islam and Finance Director Ayesha Aziz Khan were also present.
Source: The Daily Star, July 19, 2010
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