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

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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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