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

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

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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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