Staff Reporter
Karachi
The Board of Directors of K-Electric Limited in its meeting held on October 27, 2020, approved the Company’s financial results for the year ended June 30, 2020. In the results issued to the PSX, KE declared a loss of PKR 2.96 billion in glaring contrast to a profit of PKR 17.274 billion during the same period last year.
This is primarily on the back of accumulated government receivables and delayed determination of tariff variations which have severely impacted working capital requirements of the Company and driven up finance costs by 166% to PKR 16.737 billion vs.
PKR 6.285 billion in FY 2019. In spite of these financial challenges in the backdrop of Covid-19 pandemic, over PKR 55 billion have been invested by the Company across the generation.
