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Friday, April 12, 2019

NEA’s annual profit doubles estimate

Kathmandu, April 12

The government run electricity distribution entity, Nepal Electricity Authority, has earned a net profit of Rs 2.848 billion in the fiscal year 2017/18, according to the annual report of Office of the Auditor General.

It is more than twice the estimate set by the Authority. NEA Managing Director Kul Man Ghising had estimated that the Authority would earn Rs 1.01 billion in the net profit.

According to the 56th annual report of the Auditor General, the Authority’s reserve fund for the last year was Rs 23.598 billion in minus. In the previous year, it was Rs 26.335 billion in minus. The gap between two has been considered as the net profit.

The report has claimed that the Authority’s financial status is improving as values of net profit and current assets have increased. Likewise, the amounts of debt and human resource cost have decreased.

from OnlineKhabar http://bit.ly/2DdPUGm

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