The board of directors of EDL Generation Public Company (EDL-Gen) has decided no dividend payout after the firm reported a loss of LAK 147.15 billion (USD 16.7 million) over the first six months of 2019.
Such a decision shall be proposed to the annual general shareholders’ meeting for the year 2019 for further consideration, the company said in public disclosure.
The total net profits of EDL-Gen for the first semi-annual 2019 came from two main sources, according to EDL-Gen.
Profit from the business operation of EDL-Gen faced a loss of LAK 328.473 million (USD 37,425,) while that from the share of associates and joint ventures amounted to LAK 181.328 million, which makes the total net profits of a loss LAK 147.145 million.
Vientiane Times quoted EDL-Gen as saying that the loss was indicated in kip because of the unfavorable exchange rate of the currency against the Thai baht and US dollar.
“Although EDL-Gen made a profit from the sale of electricity in Laos and to other countries and has cash reserves, most of the company’s debts, in the form of loan repayments, are serviced in baht and dollars,” the paper explained.
In the first semi-annual 2019, the total revenue of EDL-Generation mainly came from selling electricity to EDL, and its total revenue was LAK 762.584 million (USD 86,681,) including revenue from electricity sale totally LAK 741.997 million.
