Modi Energy Limited (MEL) has published its unaudited financial report for the first quarter of the current fiscal year 2082/83, showing a rise in net loss compared to the same period last year.

The company, which had reported a net loss of Rs. 1.31 crore in the first quarter of the previous fiscal year, has now recorded a net loss of Rs. 3.11 crore during the same period this fiscal year.

The increase in loss is mainly attributed to a decline in electricity sales revenue. During the review period, the company’s electricity sales income dropped from Rs. 15.82 crore to Rs. 10.86 crore. Similarly, the company’s gross profit decreased from Rs. 14.17 crore to Rs. 8.94 crore, and its operating profit fell from Rs. 14.02 crore to Rs. 8.83 crore.

Despite the overall decline, the company’s financial expenses decreased by 28.07% during the period.

As of the end of Ashoj 2082, the company’s Earnings Per Share (EPS) stood at a negative Rs. 5.68, while its Net Worth Per Share was Rs. 59.79. The company has a paid-up capital of Rs. 2.90 billion, and its reserve fund remains negative at Rs. 1.16 billion.

The results indicate that reduced power sales have significantly impacted MEL’s profitability in the first quarter, though lower financial costs provided some relief.