Desco incurs Tk270cr loss in Jul-Mar
During the same July-March period of FY23, its net loss was Tk136.76 crore, the state-owned power supplier said in a statement published on its website today (2 May).
The Dhaka Electric Supply Company (Desco) incurred a net loss of Tk271 during the first nine months of the current 2023-24 fiscal year.
During the same July-March period of FY23, its net loss was Tk136.76 crore, the state-owned power supplier said in a statement published on its website today (2 May).
The loss was caused by an increase in operating expenses, falling exchange rates, and rising debt interest payments.
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However, the company's net loss declined to TK75.38 crore in the January-March quarter of FY24 from a staggering Tk144.95 crore net loss posted in the same period one year ago.
Meanwhile, Desco's net turnover increased by 25% to Tk4,644.14 crore in the first nine months of FY24 from Tk3,723 crore a year earlier.
In the period, its losses per share stood at Tk6.81, up from Tk3.44 loss per share during the previous fiscal's corresponding period.
Its net asset value (NAV) per share stood at Tk43.51 at the end of March this year, while its net operating cash flow per share was at Tk1.99.
The company said its operating cash flow increased by Tk0.24 per share in the third quarter, supported by an increase in distribution revenues.
Yesterday, Desco's share prices declined 1.23% to Tk3.90 each at the Dhaka Stock Exchange (DSE).
The company recommended a 10% cash dividend for ordinary shareholders for FY23, except for sponsor shareholders.
In December last year, the company also decided to issue 60.76 crore preference shares at Tk10 each to the government against its share money deposits, subject to approval from the securities regulator.
As of 31 March 2024, the government held 67.66% shares in the company, institutions 23.69%, foreign shareholders 0.04%, and general shareholders 8.61%.
