K-Electric profit surges five times

K-Electric profit surges five times

KARACHI: The annual profit of K-Electric, the utility company providing electricity to Karachi city, has surged by five times to Rs12 billion for the year ended June 30, 2021.

According to financial results approved by the board of directors on Monday, the profit of the company sharply increased to Rs12 billion for the year 2020/2021 as compared with the loss of Rs3 billion in the preceding fiscal year.

Sale of energy increased to Rs255 billion for the year under review as compared with Rs193.87 billion in the preceding year.

The company claimed tariff adjustment of Rs70 billion for the year 2020/2021 as compared with Rs95 billion in the preceding year.

Cost of sales recorded at Rs265.85 billion for the year ended June 30, 2021 as compared with Rs245 billion in the preceding year.

The company declared gross profit of Rs59.19 billion for the fiscal year 2020/2021 as compared with Rs44 billion in the preceding fiscal year.

Expenses of the company for the year under review increased to Rs32.7 billion as compared with Rs26.79 billion during the preceding fiscal year.

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