KARACHI: K-Electric, the power utility producing and supplying electricity to Karachi city, has paid Rs2.02 billion as taxes during half year (July – December) 2019/2020 which brought down the company’s net profit by around 48 percent.
According to financial results of the power utility submitted to Pakistan Stock Exchange (PSX) on Tuesday, company paid Rs2.02 billion during the half year under review. Out of which the current liability was Rs1.61 billion and the remaining amount of Rs407 million was deferred tax.
The company paid Rs710 million as tax revenue during the same half of the last financial year.
The K-Electric declared net profit for the half year was at Rs2.79 billion as compared with Rs5.34 billion in the corresponding half of the last year.
The total revenue of the power utility increased to Rs158.38 billion during July – December 2019 as compared with Rs145.44 billion in the corresponding half of the last fiscal year.
The revenue through sale of energy grew to Rs106 billion from Rs97.51 billion and the revenue through tariff adjustment increased to Rs52.59 billion from Rs47.93 billion.
The cost on purchase of energy and generation/distribution also increased to Rs134 billion from Rs121 billion.
The company declared gross profit of Rs24.23 billon during July – December 2019 as compared with Rs24.31 billion in the same period of the last fiscal year.
The net financial cost of the company significantly increased to Rs12.86 billion during the half under review as compared with Rs2.63 billion in the corresponding period of the last year.