Kathmandu, December 1
The Nepal Electricity Authority (NEA) has earned, in the first three months of the current fiscal year 2022/23, Rs 8.5 billion in profits.
According to the NEA’s financial details (unprocessed) for the three months from mid-July to mid-October, 2022, its income has been calculated at Rs 32.98 billion: through power trade, interest collection and other sources of income. When the total expenditures of Rs 24.88 billion of the period are deducted, its profit stands at Rs 8.5 billion before tax payment.
The authority, in this period, purchased power worth Rs 14.15 billion from the private sector.
It, through the supplies of power generated by the powerhouses under its ownership and purchases from the private sector, earned a net income of Rs 22.20 billion in the period. Its income from the power trade to India in the first three months was Rs 6.17 billion.
In the fiscal year 2015/16, the annual loss of the authority was Rs 8.89 billion. However, it made a U-turn to report the profit in the following years.
Its annual profit was Rs 16.16 billion in the last fiscal year.
According to the NEA Managing Director Kul Man Ghising, factors like intervention in power leakage, power export to India, rise in domestic consumption, and control of expenditures are credited for converting it into a profitable organisation.