Desco’s fixed asset rises to Tk717.86cr after revaluation
After the revaluation, its fixed asset increased to Tk2,809.31 crore, from Tk2,091.45 crore on 30 June 2019
The fixed asset of the Dhaka Electric Supply Company Limited (Desco) has increased by Tk717.86 crore after its asset revaluation.
The state-owned power distribution company in the country said this in a disclosure published on stock exchanges on Wednesday.
The fixed asset includes the property, plants, and equipment of a company.
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It said the audited financial statements for fiscal 2018-2019 have been taken into consideration for asset revaluation.
After the revaluation, its fixed assets increased to Tk2,809.31 crore, from Tk2,091.45 crore on 30 June 2019.
As a result, the revaluation surplus was Tk717.86 crore and the net asset value per share (NAV) increased by Tk18.06.
According to its latest audited financials for fiscal 2019-20, its fixed asset value was Tk2,215.07 crore.
In the first nine months of fiscal 2020-21, the fixed asset rose to Tk2,403.42 crore.
Desco was created as a distribution company in 1996 with an authorised capital of Tk500 crore.
The company was listed on stock exchanges in 2006.
In FY20, its revenue decreased by 1.7% to Tk4,005.81 crore from Tk4,075.33 crore while its net profit fell by 58% to Tk45.56 crore from Tk107.48 crore in FY19.
In the first nine months of FY21, its revenue rose by 3.53% to Tk3,144.94 crore while the net profit decreased by 68.71% to Tk17.05 crore from Tk54.50 crore in the same period of the previous year.
Its board of directors will meet on Thursday to consider, among others, audited financial statements of the company for fiscal 2020-2021.
