Earned a profit of 8.47 billion rupees in FY22, a loss of only 3 billion rupees during Corona. Photo: File
Karachi: K Electric faced a loss of Rs 31 billion for the first time in history.
According to the report submitted by K Electric to the stock exchange, the company is facing such a huge loss for the first time in the last 12 years, which is mainly due to the increase in the prices of petroleum products, depreciation of the rupee, inflation. , the company has been consistently profitable since 2011-12 after its privatization in 2005.
It should be noted that even during the Corona epidemic, when the sale of electricity was reduced to an extreme level, the company suffered a loss of only 3 billion rupees, while during the financial year 2021-22, the company earned a profit of 8.47 billion rupees. According to the submitted document, the recovery of electricity bills has also recorded a decline due to the increase in electricity prices, and the recovery of electricity bills has decreased from 96.7 percent to 92.8 percent during the last financial year.
According to K Electric’s reports, 7.3% fewer units were supplied during the last financial year than in FY22. received from customers.
According to the profit or loss account, the revenue of the company has increased by 10.52 percent to 382.82 billion rupees, which was 346.38 billion rupees previously, while other income has increased by 22 percent to 12.43 billion rupees, while on the other hand, the company has Interest payments on loans have doubled to Rs 34.57 billion compared to 15.12 in FY22, mainly due to higher interest rates.
The company has announced a loss of Rs 1.12 per share for the last financial year, compared to a profit of Rs 0.31 per share last year. will add to the system, which is only 3 percent so far.
The CEO of Electric Monis Alvi has said that the federal government is responsible for the increase in electricity prices and we have no role in it.
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