K-Electric declares 222 percent growth in quarterly profit

K-Electric declares 222 percent growth in quarterly profit

KARACHI: K-Electric Limited (KE) – a power generating and supply company – has announced a sharp 222 percent growth in net profit for the quarter ended March 31, 2020 despite massive impairment loss against trade debts during the same period.

According to quarterly financial results submitted to Pakistan Stock Exchange (PSX) on Wednesday, the company declared net profit of Rs2.57 billion for the quarter ended March 31, 2021 as compared with the profit of Rs797 million in the corresponding period of the last year.

The revenue of the company, including sale of energy and tariff adjustment, was at Rs73.66 billion for the quarter under review as compared with Rs62.95 billion in the same quarter of the last year.

Cost of sales for the quarter was at Rs57.38 billion as compared with Rs50.19 billion. Therefore, gross profit of the company came at Rs16.27 billion as compared with Rs12.76 billion.

The impairment loss against trade debts significantly increased to Rs6.63 billion for the quarter ended March 31, 2021 as compared with Rs1.063 billion in the same quarter of the last year, showing an increase of 525 percent.

The company declared net profit of Rs9.44 billion for the period ended March 31, 2021 as compared with Rs3.59 billion in the same months of the last year.

Leave a Reply

You have to agree to the comment policy.