K-Electric posts 18% growth in net earnings during FY18
MG News | September 18, 2019 at 03:29 PM GMT+05:00
September 18, 2019 (MLN): K-Electric Limited has announced the much awaited results for the Financial Year ended on June 30, 2018, according to which it has earned profits of Rs. 311.8 million (EPS: Rs. 0.45), marking a growth of 18% over the prior period.
Pursuant to the details provided by the company, the company observed around 18% growth in revenue, which is mainly attributable to increased tariff adjustments. On the other hand, the cost of sales surged by 19.4% owing to increase in the cost of electricity.
Some of the setbacks that the company endured during the period were absence of tax credit and increase in non-core expenses by 38%. On the contrary, decline in finance cost by 10.3% provided some solace to the financial wellbeing of the company.
| Profit and loss account for the year ended June 30, 2018 (Rupees'000) | |||
|---|---|---|---|
| June, 2018 | June, 2017 | % Change | |
| REVENUE | |||
| Sale of energy - net | 184,155,557 | 168,569,213 | 9.25% |
| Tariff adjustment | 32,970,950 | 15,285,893 | 115.70% |
| 217,126,507 | 183,855,106 | 18.10% | |
| COST OF SALES | |||
| Purchase of electricity | (77,454,783) | (61,565,237) | 25.81% |
| Consumption of fuel and oil | (71,870,026) | (61,466,583) | 16.93% |
| Expenses incurred in generation, transmission and distribution | (22,885,835) | (21,201,913) | 7.94% |
| (172,210,644) | (144,233,733) | 19.4% | |
| GROSS PROFIT | 44,915,863 | 39,521,373 | 13.65% |
| Consumers services and administrative expenses | (34,308,115) | (35,062,397) | -2.15% |
| Other operating expenses | (2,122,422) | (1,537,050) | 38.08% |
| Other income | 8,470,214 | 9,398,778 | -9.88% |
| PROFIT BEFORE FINANCE COST | 16,955,540 | 12,320,704 | 37.62% |
| Finance cost | (3,236,292) | (3,608,978) | -10.33% |
| PROFIT BEFORE TAXATION | 13,719,248 | 8,711,726 | 57.48% |
| Taxation | (1,407,418) | 1,707,557 | |
| NET PROFIT FOR THE YEAR | 12,311,830 | 10,419,283 | 18.16% |
| EARNINGS PER SHARE - BASIC AND DILUTED | 0.45 | 0.38 | 18.42% |
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