Desco reports Tk 505 crore loss for FY24 

State-run Dhaka Electric Supply Company Ltd (Desco) posted a loss of Tk 505.7 crore for the fiscal year ending on June 30, 2024.

This was the second consecutive year of losses for Desco. 

The company's losses per share was Tk 12.7 during the financial year, an improvement from losses Tk 13.61 a year ago, according to a disclosure on the Dhaka Stock Exchange (DSE) website.

Desco attributed the slight improvement in losses to a modest increase in distribution revenue and reduced losses from foreign exchange fluctuations. 

Despite this, the board recommended no dividend for the fiscal year, citing negative retained earnings. 

Desco, responsible for distributing electricity in the western and northeastern areas of Dhaka, recorded a loss of Tk 541 crore in FY23, the first time the company posted a loss since FY02. 

Shares of Desco declined 5.06 percent to Tk 22.5 as of 12:40 pm today on the DSE.