KESC net loss reduced to Rs 9.393 billion

KARACHI: The net loss of Karachi Electric Supply Company (KESC) has reduced to Rs 9.393 billion in the year ended June 30, 2011 (FY11) as compared to Rs 14.641 billion loss posted in the same period in FY10. The board of directors of the company in its meeting held here on October 05, 2011 declared that the company’s loss per share (basic) stood at Re 0.44 in the period under review against Re 0.74 in the same period last year, while loss per share (diluted) reduced to Re 0.39 against Re 0.66.

According to the financial results sent to Karachi Stock Exchange (KSE), the company’s net sale of energy increased to Rs 85.926 billion in FY11 against Rs 74.274 billion in FY10, tariff adjustment increased to Rs 44.851 billion against Rs 29.453 billion, while rental of meters and equipment increased to Rs 213.433 million against Rs 208.309 million.

In the company’s expenditure account, the purchase of electricity increased to Rs 65.296 billion against Rs 59.881 billion, while consumption of fuel and oil increased to Rs 50.694 billion against Rs 37.180 billion. The expenses incurred in generation, transmission and distribution increased to Rs 14.481 billion against Rs 10.925 billion.

The company’s consumers services and administration expenses increased to Rs 9.814 billion against Rs 8.378 billion and other operating expenses increased to Rs 242.523 million against Rs 235.002 million, while other operating income increased to Rs 4.880 billion against Rs 4.751 billion. The company’s loss before taxation reduced to Rs 10.054 billion in FY11 against Rs 14.737 billion.

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