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Home / Business / Overall 13.38pc growth: K-E earning soars by 80pc to Rs3.14b in 1QFY14-15
Overall 13.38pc growth: K-E earning soars by 80pc to Rs3.14b in 1QFY14-15

Overall 13.38pc growth: K-E earning soars by 80pc to Rs3.14b in 1QFY14-15

KARACHI: The K-Electric profit rose by 80 per cent to Rs 3.14 billion during first quarter of the current financial year against Rs 1.74 billion in the corresponding period of last year, leading the company to report Rs 0.11 earning per share for the corresponding period against 0.06 in FY13-14.

Overall the company’s revenue grew by 13.38 percent due to various factors including reduction in transmission and distribution (T&D) losses by 2.40 percent.

According to reports, the company’s line losses stood at 26.96 percent in first quarter FY-15 against 29.3 percent during the same period last year. The report showed that receivables from the government departments continued to soar including Rs32.3 billion from Karachi Water and Sewerage Board (KWSB) and Rs 8.1 billion from City District Government Karachi.

According to reports, the company consumed fuel and oil worth Rs21.4 billion during the first three moths of current fiscal year as compared to Rs19.8 billion during the same period last year.

Similarly, the K-electric purchased electricity worth Rs20.7 billion during said period as against Rs18.83 billion during same period last year. The power utility purchased electricity worth Rs 12.29 billion from National Transmission and Dispatch Company (NTDC), Rs 7.9 billion from Independent Power Purchasing Companies (IPPs) and Rs 474 million form Karachi Nuclear Power Plant during the under review period of FY 14-15. The company earned around Rs 41.6 billion from the sale of energy as against Rs 33.7 billion during the first three months of FY14.

The power utility generated 2645GWh units during July-September FY 14-15 compared to 2437GWh during corresponding period last year. The company purchased some 1908GWh units in the said months as against 1846GWh units in the same period of last year. It received some Rs14.21 billion on account of tariff adjustment from the federal government compared to Rs15.5 billion during July-September FY14. The company also earned Rs55 million on account of rental meters and equipments as against Rs54 million during the same period of last year.