Power Grid sinks into losses

The Power Grid Company of Bangladesh, a state-run listed electricity grid management and transmission entity, incurred a loss in the first half of the financial year of 2022-23 in spite of securing higher sales. 

It was mainly due to a massive loss incurred for the depreciation of the local currency against foreign ones, said the company.

Its revenue grew 5.5 per cent year-on-year to Tk 1,225 crore during the July-December period.

However, this could not prevent the company from incurring a loss of Tk 281 crore.

It had logged a profit of Tk 196 crore in the same period of the previous year.

The main reason for the loss is that it did not earn more in line with the company's expenses, said its financial report.

Its expenses rose mainly due to losses from foreign exchange, it added.

The company lost Tk 729 crore in the foreign exchange in the first half of the financial year of 2022-23.

In the same period of the previous year, it was a loss of Tk 75 crore.