Tuesday, June 25, 2024

K-Electric Records Loss of Rs. 27 Billion in 2022

K-Electric’s revenue increased by 9% to Rs. 163 billion in 1HFY23 compared to Rs. 149 billion in SPLY, according to the company’s consolidated figures.

Compared to Rs. 184 billion last year, the cost of sales skyrocketed to Rs. 247 billion.

In the first half of FY23, K-Electric reported a shocking loss of more than Rs. 27 billion.

In 1HFY23, the company’s gross profit fell by 43.8%, from Rs. 33.1 billion to Rs. 16.6 billion. External factors that affect consumers’ propensity to pay include rising consumer tariffs and domestic economic conditions.

The company’s stock price was trading at Rs. 2.10 at the time of reporting, down 1.87 percent or Rs. 0.04 on Tuesday with a volume of 2.48 million shares.

According to the financial statistics disclosed, Pakistan’s largest power provider unexpectedly lost Rs. 10.7 billion between October and December of FY23, a significant decrease from the Rs. 395 million profit in 2QFY22.

For the half year and the second quarter, the impairment loss against trade debts and other receivables increased by 95% to Rs. 18 billion and Rs. 10.2 billion, respectively. During H1, the company paid 2.12 billion rupees in taxes, 12.7 percent more than it did in SPLY.

In 1HFY23, K-Electric reported a loss per share (LPS) of Rs. 0.98 as opposed to an LPS of Rs. 0.12 the previous year.

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