Dewa’s H1 profit rises to Dh1.8b

Dubai Electricity and Water Authority, popularly known as Dewa, on Wednesday said its first-half profit rose 12.6 per cent to Dh1.84 billion from Dh1.63 billion a year ago, according to a statement on Nasdaq Dubai. The power utility said revenue in January-June 2012 period recorded four per cent growth and increased to Dh6.87 billion from Dh6.6 billion a year ago, the statement said. The statement further shows that the utility’s first-half operating profit fell 7.4 per cent to Dh2.6 billion on increased administrative expenses coupled with a decline in other income. The company earned Dh2.8 billion operating profits in the same corresponding period last year. ?The company’s financial statement shows that a massive 35 per cent reduction in its net finance cost — from Dh1.16 billion to Dh752 million — led to the surge in profits despite higher administrative expense and fall in other income. The company’s total assets edged up 1.8 per cent to Dh94.5 billion in the first half compared to Dh92.8 billion in same period last year. The Dubai-based utility declared in May this year that its 2011 profits were up 24 per cent on higher tariffs and increased sale of power. It’s total comprehensive income in 2011 rose to Dh4.34 billion, up from Dh3.49 billion in 2010. The power utility recently announced that it added 431 megawatts in the capacity and efficiency of its electricity transmission networks last month to cater to the peak power load, which rose seven per cent. Its power generation increased to 6,637 megawatts in July compared with 6,206 megawatts for all year 2011. From : Khalij