KARACHI: Oil and Gas Development Company Limited (OGDC) declared its financial results for FY19 reporting PAT at Rs118.4bn and EPS at Rs27.53, up 50.3pc over the PAT at Rs78.8bn and eps at Rs18.31 in same period last year.

Earnings were up mainly on back of improved margins by 5pc and higher other income. Moreover, the board recommended cash payout at Rs2.50 per share which was in addition to interim dividend already paid at Rs.8.50 per share. - Equities Correspondent

K-Electric earns Rs12.3bn

The power utility company K-Electric Limited declared profit after tax at Rs12.3 billion and earnings per share at Rs0.45 for the year ended June 30, 2018 on Wednesday.

This represented growth of 18.3 per cent from profit-after-tax at Rs10.4bn and eps at Rs0.38 for the earlier year. The company said in a statement that during the reporting period, more than Rs44bn were invested in generation, transmission and distribution.

“The reduction in transmission and dispatch losses from 21.7cp in FY2017 to 20.4pc in FY2018 along with higher units sent-out (16,580GwH in FY2017 to 17,419 GwH in FY2018) have been the major contributing factors towards improved financial results” KEL stated.

As of July, the outstanding receivables of K-Electric have ballooned to Rs196bn on account of outstanding payments from various federal and provincial public sector entities, the company stated.

Published in Dawn, September 19th, 2019