Doreen Power Generations and Systems has witnessed a year-on-year drop in its profit in the first quarter of the current fiscal year, reasoning that its power plants had been shut down and costs had soared.

Doreen Power's quarterly profit stood at Tk 26.95 crore in the July-September quarter, reflecting a year-on-year decline of over 17 percent.

The earnings per share (EPS) fell to Tk 1.48 for the July-September period of 2024 from Tk 1.80 in the same period last year, according to its unaudited financial statements.

The power producer attributed the decrease to the shutdown of three power plants since the middle of last year and losses from the sale of non-current assets of the Tangail and Feni plants.

Despite the profit drop, Doreen's revenue increased by 20 percent year-on-year to Tk 522.98 crore, which the company said was driven by high customer demand for electricity.

However, its cost of sales rose significantly, reaching Tk 431.73 crore in the July-September period from Tk 337.53 crore in the same period of the previous year, due to an increase in electricity generation.

The company's net operating cash flow per share was Tk 15.88 in the negative for the July-September period of 2024, down from Tk 6.07 in the negative in the same period last year.

This decrease is due to a reduction in the receipt of bills from customers during the quarter, Doreen said.