KARACHI: K-Electric’s profit surged 18% to Rs12.31 billion in the year ended June 30, 2018 on the back of increase in sales of power in rupee terms and upward adjustment in tariffs.
The integrated company – which generates, transmits and distributes electricity – had registered a profit of Rs10.42 billion in the preceding year ended June 30, 2017, according to a notification of the firm sent to the Pakistan Stock Exchange (PSX) on Wednesday.
Earnings per share (EPS) improved to Rs0.45 in FY18 compared to Rs0.38 in the previous year. K-Electric’s share price fell Rs0.20, or 5.62%, to Rs3.36 with trading volume of 8.27 million shares at the PSX.
The company sold energy worth Rs184.16 billion in FY18, higher by 9% compared to Rs168.57 billion in the previous year. Moreover, it received Rs32.97 billion on account of tariff adjustment in the year compared to Rs15.29 billion on the same head last year.
The power firm significantly delayed reporting of financial results for the year ended June 2017 and June 2018, waiting for the announcement of a new multi-year tariff (MYT) for 2016-23 after the previous seven-year MYT expired on June 30, 2016. The new MYT allowed the realisation of proceeds on account of tariff adjustment.
Other income of the company inched downwards to Rs8.47 billion compared to Rs9.39 billion in the previous year. Finance cost dropped slightly to Rs3.24 billion in FY18 compared to Rs3.61 billion last year.
Published in The Express Tribune, September 19th, 2019.