Power Grid Bangladesh PLC. announcements
330 Dhaka Stock Exchange announcements for Power Grid Bangladesh PLC. (POWERGRID) since 2007: results, dividends, board meetings, AGMs, record dates and other price-sensitive information. Showing 2014 (12).
- trade resume
Normal trading of the shares of the Company will resume on 26.11.2014 after record date.
- trade suspension
Trading of the shares of the Company will remain suspended on record date i.e., 25.11.2014.
- Spot Market and Block/Odd lot transactions
Trading of the shares of the Company will be allowed only in the Spot Market and Block/Odd lot transactions will also be settled as per Spot settlement cycle with cum benefit from 23.11.2014 to 24.11.2014. Trading of the shares of the Company will remain suspended on record date i.e., 25.11.2014.
- audit report
"Syful Shamsul Alam & Co", Auditor of the company has given the following qualified opinion in the audit report of the company for the year ended on 30 June 2014:" Basis for Qualified Opinion: 1.The carrying amount of property, plant and equipment as reported in the Balance Sheet is Tk. 77,249,112,417 Proper register for property, plant and equipment is not maintained by the company. Valuation of plant and machinery transferred from Bangladesh Power Development Board (BPDB) and Dhaka Power Distribution Company (DPDC, previously DESA) was not done properly. No physical verification of its property, plant and equipment as at 30 June 2014 or any time during the period under audit was done.We had no other practical alternative auditing procedure that we could apply to authenticate the physical existence as well as the value thereof as on 30 June 2014. Bangladesh Accounting Standards (BASs) 36 requires impairment test of property, plant and equipment and necessary disclosure in this regard. The Company has no laid down policy and procedure in regard to impairment test, and no such test was carried out. However, the company has hired the services of a firm of Chartered Accountants for the valuation in September 2011 which has now cancelled due to failure to complete the assignment in due time.As disclosed in Note # 7 to the financial statements, the Company has reported an amount of Tk. 864,243,630 as inventories. We have visited 8 GMD's out of 31 as per the TOR of appointment involving the inventories value amounting to Tk. 270,970,906 where we found that movement of inventories is not properly recorded in the accounts maintained. As a result, physical existence of inventory could not be verified. We had no other practical alternative auditing procedure that we could apply to authenticate the physical existence as well as the value thereof as on 30 June 2014.However, the company has hired the services of a firm of Chartered Accountants for the valuation in September 2011 which has now cancelled due to failure to complete the assignment in due time. 3. Exchange rate fluctuation loss amounting to Tk. 58,030,166.38 relating to the outstanding principal amount of loan for the year ended 30 June 2014 of the completed projects that are now in operation has been added to Property, plant and equipment instead of recognizing such loss in Profit and Loss Account. Para-28 of Bangladesh Accounting Standards (BASs-21) requires that the said exchange rate fluctuation loss shall be recognized in Profit and Loss account.The company has been following the policy of capitalizing or deducting such exchange rate fluctuation loss /gain from Property, plant and equipment from the year 2010-2011 which is a non-compliance of the above provision of BAS-21. 4. As disclosed in Note # 8 to the financial statements, the Company has reported an amount of Tk. 1,420,770,057 as receivable from transmission/wheeling and optical fiber charge. It includes receivables from DPDC, DESCO and WZPDCL Tk. 464,799,716.24, 195,926,954 and Tk. 103,544,777 respectively carried forward since 2007 which includes disputed amount with the respective companies (disputed amount with DPDC Tk. 174,594,248.24, DESCO Tk. 3,480,438 and WZPDCL Tk. 973,755).Repair and maintenance charge receivable from DESA is Tk. 104,722,014 which is being carried forward from 2010. But the company is yet to provide provisions for the amounts according to the report. As for the other disputed amounts, in our opinion the company is very unlikely to receive the amounts in full. If provisions were provided for the above mentioned amounts the EPS for the year 2013-14 would have adversely been affected.5.As disclosed in Note # 20 to the financial statements, liabilities for other finance include an amount of Tk. 3,765,000 owed to BPDB, and as disclosed in Note # 20.4, liabilities for other finance include account current with corporations and other offices amounting to Tk. 110,512,421 comprising Tk. 112,434,988 and Tk. (2,422,567) on account of BPDB and Project-1 respectively as on 30 June 2014. As disclosed in Note # 13.3, Note # 13.4(A) and Note # 17 PGCBL owes to BPDB Tk. 8,003,670, Tk. 8,006,716,130 and Tk. 1,626,835,513 respectively. The balances could not be confirmed from BPDB.6.As disclosed in Note # 15 to the financial statements, the gratuity scheme operated by the company is unfunded and provision is provided as per Company policy. But no actuarial valuation has been done as per BAS 19.
- Q1
As per un-audited quarterly accounts for the 1st quarter ended on 30th September 2014 (July'14 to Sep'14), the Company has reported net profit after tax of Tk. 118.06 million with EPS of Tk. 0.26 as against Tk. 488.11 million and Tk. 1.06 respectively for the same period of the previous year.
- dividend declaration
The Board of Directors has recommended 10% cash dividend for the year ended on June 30, 2014. Date of AGM: 17.01.2015, Time: 10:00 AM, Venue: "Mukti Hall", Biddut Bhaban, 1 Abdul Gani Road, Dhaka-1000. Record Date: 25.11.2014. The Company has also reported EPS of Tk. (0.06), NAV per share of Tk. 63.61 and NOCFPS of Tk. 12.78 for the year ended on June 30, 2014.
- no price limit
There will be no price limit on the trading of the shares of the Company today (05.11.2014) following its corporate declaration.
- Board Meeting
As per Regulation 30 of DSE Listing Regulations, the Company has informed that a meeting of the Board of Directors will be held on November 03, 2014 at 6:00 PM to consider, among others, audited financial statements of the Company for the year ended on June 30, 2014.
- (Q3): As per un-audited quarterly accounts for the 3rd quarter ended on 31st March 2014 (Jan'14 to March'14), the Compan
(Q3): As per un-audited quarterly accounts for the 3rd quarter ended on 31st March 2014 (Jan'14 to March'14), the Company has reported net profit after tax of Tk. 6.41 million with EPS of Tk. 0.01 as against Tk. 97.35 million and Tk. 0.21 respectively for the same period of the previous year. Whereas net profit after tax was Tk. 735.92 million with EPS of Tk. 1.60 for the period of nine months (July'13 to March'14) ended on 31.03.2014 as against Tk. 837.68 million and Tk. 1.82 respectively for the same period of the previous year.
- H/Y Earnings
As per un-audited half yearly accounts as on 31.12.2013 (July'13 to Dec'13), the Company has reported net profit after tax of Tk. 729.51 million with EPS of Tk. 1.58 as against Tk. 740.32 million and Tk. 1.61 respectively for the same period of the previous year. Whereas net profit after tax was Tk. 241.40 million with EPS of Tk. 0.52 for the period of 3 months (Oct'13 to Dec'13) ended on 31.12.2013 as against Tk. 265.06 million and Tk. 0.58 respectively for the same period of the previous year.
- (H/Y): As per un-audited half yearly accounts as on 31.12.2013 (July'13 to Dec'13), the Company has reported net profit
(H/Y): As per un-audited half yearly accounts as on 31.12.2013 (July'13 to Dec'13), the Company has reported net profit after tax of Tk. 729.51 million with EPS of Tk. 1.58 as against Tk. 740.32 million and Tk. 1.61 respectively for the same period of the previous year. Whereas net profit after tax was Tk. 241.40 million with EPS of Tk. 0.52 for the period of 3 months (Oct'13 to Dec'13) ended on 31.12.2013 as against Tk. 265.06 million and Tk. 0.58 respectively for the same period of the previous year.
- The Company has further informed that the 17th AGM of the Company will now be held on January 25, 2014 at 10:00 AM at Au
The Company has further informed that the 17th AGM of the Company will now be held on January 25, 2014 at 10:00 AM at Auditorium of Engineers Institution, Bangladesh, 8/A, Ramna, Dhaka-1000 instead of January 18, 2014. Other information of the AGM will remain unchanged.
Source: Dhaka Stock Exchange announcements. Some posts before 2014 have no title, and 2014–2020 coverage is incomplete.