Power Grid Company gained a profit of Tk 817 million in the second quarter to December last year, a strong rebound when compared to a loss of Tk 3.93 billion in the same quarter a year earlier.
Its foreign exchange losses came down to Tk 222 million in the quarter through December last year from Tk 5.76 billion in the same quarter of the previous year.
Moreover, a reduction in administrative costs coupled with a higher interest income helped the company to secure a profit, according to its unaudited financial statements published on Tuesday.
Despite an increase in long-term loans, finance expenses dropped 81 percent year-on-year to Tk 1.36 billion during the second quarter of FY24. The company did not provide any explanation in its financial statements.
Power Grid's long-term debt burden rose 8 per cent year-on-year to Tk 434 billion in October-December 2023 as the state-run entity took various development projects to expand transmission lines.
The government has been supporting Power Grid with funds from development partners and its own fund.
