K-Electric publishes Rs32.8 billion annual profit
KARACHI: K-Electric Ltd finally released its financial results for 2015-16 on Wednesday.
It posted a profit of Rs.32.8 billion, reflecting 16 per cent growth over the income of Rs28.3 billion in 2014-15. Its share price rose by nine paisa to Rs6.87 on trading in 15 million shares.
Net sales remained firm at around Rs190bn for both years. But there was a noticeable decline in the cost of sales, which dropped 11pc to Rs132bn. This helped lift gross profit by 34pc to Rs58bn.
Gross profit in April-June improved 12.7 percentage points to 35pc. The improvement was attributed to higher self-generation of electricity, leading to lower electricity purchase from more expensive external sources and higher thermal efficiency.
This report was submitted to PSX today.