Titas Gas cuts system loss

Titas Gas Transmission and Distribution Company Ltd reduced its system loss to 0.81 percent in fiscal 2008-09 from 3.39 percent a year ago, and made an additional profit of Tk 93.47crore, according to its annual report.
The company also approved 27 percent cash dividend for 2008-09 at its 28th annual general meeting in Dhaka yesterday.
Its pre-tax profit increased to Tk 732.82 crore in 2008-09 from Tk 566.18 crore in 2007-08, while post-tax net profit went up to Tk 545.35 crore, which was Tk 421.82 crore in 2007-08.
"The company deposited Tk 338.23 crore to the national exchequer in the immediate past fiscal year," the report said.
Titas, which started journey as a company in 1964, earned Tk 5,230.60 crore as revenue in 2008-09, up from Tk 4,410.77 crore in 2007-08, registering 18.60 percent growth.
Now the company has authorised capital of Tk 2,000 crore and paid-up capital of Tk 856.47 crore and is supplying 73.3 percent of the total requirement of gas in the country.
The report also said the company reduced arrears to Tk 1,303.61 crore up to June 30 of the year from Tk 1,417.62 crore in the previous year.
Titas supplies gas for household and commercial purposes to Brahmanbaria, Narsingdi, Munshiganj, Narayanganj, Dhaka, Manikganj, Gazipur, Tangail, Netrokona, Mymensingh, Sherpur, Jamalpur and Kishoreganj districts.
The company has taken up some projects for further improvement of gas supply in different regions.
Under the Gas Transmission and Development Project, funded by Asian Development Bank, the company has a plan to improve gas supply by 2 percent in Narayanganj, Fatullah, Munshiganj and Sonargaon areas within next year.
The company will also supply gas to proposed Purbachal New Town and the estimated cost for this purpose would be Tk 297.19 crore.
Chairman Mohammad Mohsin said at the AGM the company has plans to increase the number of division/branch offices, number of contractors, appoint more human resources and modify pipeline.