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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