Power Grid Bangladesh, a government-owned company responsible for power transmission throughout the country, saw its revenue increase in the fiscal year 2023-24 despite persistent losses putting a dent in its earnings. 

The company reported a revenue of Tk 2,785.56 crore in FY24, a 14 percent year-on-year increase. 

Despite the revenue growth, the company incurred a net loss of Tk 457.46 crore, a significant improvement from the Tk 720.27 crore loss recorded in the previous year, according to its audited financial statements.  

Shares of Power Grid Bangladesh fell 13 percent to Tk 34.3 during midday trading on the Dhaka Stock Exchange today.

The company reported a loss per share of Tk 5.01 for FY24, down from a loss per share of Tk 10.11 in the prior year. 

The company said in its audited financial statements that its total income rose by 12.52 percent, while total expenses increased by 2 percent, reducing the net loss by Tk 262.80 crore.  

Net operating cash flow per share (NOCFPS) improved slightly to Tk 12.86 for FY24, compared to Tk 12.32 in the previous year. 

The increase was attributed to higher cash receipts from customers and reduced tax payments. 

The board of the company recommended no dividend for FY24.  

For the first quarter of FY25, the company posted a loss of Tk 256.53 crore.

As a result, the loss per share was recorded at Tk 2.81, compared to a loss per share of Tk 1.42 in the same quarter of the previous year, according to its unaudited company statements. 

The company attributed higher expenses relative to income in driving the decline in earnings.  

NOCFPS for Q1 stood at Tk 5.74, up from Tk 4.74 (restated) in the same period last year.

The increase was attributed to higher cash inflows from customers and lower cash payments to suppliers, contractors, and employees.