K-Electric posts 18% growth in net earnings during FY18

MG News | September 18, 2019 at 03:29 PM GMT+05:00

Add Mettisglobal as a Trusted Source on Google

0:00

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%

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	166,498.84 185.04M	-0.57% -952.30
ALLSHR	100,481.40 703.99M	-0.51% -519.61
KSE30	49,764.01 68.59M	-0.64% -319.08
KMI30	240,340.56 94.21M	-0.36% -880.32
KMIALLSHR	65,599.63 389.80M	-0.33% -217.28
BKTi	45,136.63 31.52M	-1.09% -499.60
OGTi	35,252.30 4.64M	-0.58% -205.48

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	81,725.00	82,310.00 78,985.00	1980.00 2.48%
BRENT CRUDE	105.93	107.13 103.88	0.30 0.28%
RICHARDS BAY COAL MONTHLY	110.00	0.00 0.00	-6.70 -5.74%
ROTTERDAM COAL MONTHLY	108.25	108.25 107.25	0.00 0.00%
USD RBD PALM OLEIN	1,191.50	1,191.50 1,191.50	0.00 0.00%
CRUDE OIL - WTI	101.44	102.35 99.39	0.42 0.42%
SUGAR #11 WORLD	15.00	15.42 14.92	-0.38 -2.47%