Titas Gas Transmission and Distribution PLC announcements
332 Dhaka Stock Exchange announcements for Titas Gas Transmission and Distribution PLC (TITASGAS) since 2008: results, dividends, board meetings, AGMs, record dates and other price-sensitive information. Showing 2018 (15).
- Basis for Qualified Opinion
Basis for Qualified Opinion: The auditor of the company has given the following "Basis for Qualified Opinion" paragraph in the audit report of the company prepared for the year ended on 30 June 2018. Basis for Qualified Opinion: a) Long-term liabilities as disclosed under Note # 24 to the financial statements includes customers' security deposit of Tk. 1,519.79 crore. The head office of the Company maintains control ledgers with the information being received from zone offices. (cont.1) (Continuation news of TITASGAS): e) As disclosed in Note # 33 to the financial statements, an amount of Tk. 2.06 crore has been disclosed as "Disconnection & reduction of system loss cost" under the head "Transmission & Distribution expenses". This expense was incurred for disconnection & reduction of illegal gas connections during the year under audit, which indicates that the Company has illegal gas connections for which the Company is losing substantial amount of revenue every year. (end) (Continuation news of TITASGAS): there is no realization till date. On a query we came to know that the said customers are not interested to pay such penal interest as well as meter rent charge which remains receivable for long. As a result, there is a substantial doubt as regards realization of said penal interest and meter rent receivable which requires full provision in the accounts. (cont.7) (Continuation news of TITASGAS): and charges penal interest on the bill amounts of the respective customers. As such a total amount of Tk. 45.79 crore has been recognized as interest income up to 30 June 2018 and included in Trade & other receivables shown under Note 11. On the other hand, the company accounted for meter rent charges on its customers namely, PDB and Fertilizer producing companies for Tk. 31.39 crore up to the year 2017-18. Out of the said aggregated amount of Tk. 77.18 crore, (cont.6) (Continuation news of TITASGAS): as income in the year under audit on account of realized gain from sale of all assets including land, plants, pipelines, etc. at Brahmanbaria and Ashuganj Area of the Company to Bakhrabad Gas Distribution Co. Ltd (BGDCL). This gain is actually related to the year ended 30.06.2012. As a result, profit for the year ended 30 June 2018 has been overstated by the same extent. d) Due to delay in payment of bills by the bulk customers (Power- PDB) the Company calculates (cont.5) (Continuation news of TITASGAS): Pension Fund as on 30 June 2018. The financial statements for the year under audit revealed only Tk. 30 crore as provision for Pension Fund as on the reporting date. But we assume that the amount of required provision as on 30 June 2018 would be much more than the reported amount which could not be quantified due to lack of information. c) As disclosed in Note # 37 to the financial statements, an amount of Tk. 45.59 crore has been recognized (cont.4) (Continuation news of TITASGAS): an actuarial valuation at Tk. 160 crore. Out of which only an amount of Tk. 50 crore was provided for till the year 2014 - 15. As a result, an amount of Tk. 110 crore remained short in provision for Pension Fund up to the year 2009 - 2010. In addition, provision @ 12.5% of the basic salary has been made from January 2012 to 30 June 2018. No further actuarial valuation has been done by Company to determine the exact amount of required provision for (cont.3) (Continuation news of TITASGAS): But during our audit at zone offices we could not confirm such balances with the records of zone offices as the zone offices' general ledgers were not updated, Further, any list or particulars of the parties could not be made available to us. As a result, we could not ensure the balance through circularization of balance confirmation from the parties. b) Up to the year ended 30 June 2010 the required provision for Pension Fund was determined by the Company through (cont.2)
- Resumption after record date
Trading of the shares of the Company will resume on 19.11.2018 after record date.
- Suspension for Record Date
Trading of the shares of the Company will remain suspended on record date i.e., 18.11.2018.
- Spot News
Trading of the shares of the Company will be allowed only in the Spot Market and Block transactions will also be settled as per Spot settlement cycle with cum benefit from 14.11.2018 to 15.11.2018. Trading of the shares of the Company will remain suspended on record date i.e., 18.11.2018.
- Q1 Financials
(Q1 Un-audited): EPS was Tk. 1.26 for July-September 2018 as against Tk. 1.28 for July-September 2017; NOCFPS was Tk. (0.16) for July-September 2018 as against Tk. (2.41) for July-September 2017. NAV per share was Tk. 68.54 as on September 30, 2018 and Tk. 67.28 as on June 30, 2018.
- Board Meeting schedule under LR 16(1)
As per Regulation 16(1) of the Dhaka Stock Exchange (Listing) Regulations, 2015, the Company has informed that a meeting of the Board of Directors will be held on November 11, 2018 at 4:30 PM to consider, among others, un-audited financial statements of the Company for the First Quarter (Q1) period ended on September 30, 2018.
- Distribution Charge and Gas price rate
Bangladesh Energy Regulatory Commission has passed an Order (Order No. 2018/03; Dated 16.10.2018) regarding distribution charge and consumer level rate of gas price of Titas Gas and Distribution Company Limited. The following information has been disclosed: 1. Considering the contribution of Energy Security Fund of Tk. 0.46 per cubic meter and Government grant of Tk. 1.00 per cubic meter to meet gas distribution expense, (cont.1) (continuation news of TITASGAS): distribution loss will be considered for receiving gas through GTCL in determining the amount of gas supply. (Price rate Order no. 8.4(ga)); 4. According to the Rules, within next 3 (three) months Titas Gas will take a specific plan with timeline and necessary step to implement the process to handover their Habiganj-Ashuganj (diameter of 12 inches) and Ghatura-Narsingdi (diameter of 14 inches and 16 inches) transmission pipeline to GTCL (Price rate Order no. 8.13). (end) (continuation news of TITASGAS): the existing price rate of natural gas at consumer level has been kept unchanged. (Price rate Order no. 8.1). 2. Irrespective of consumer type, distribution charge of Tk. 0.25 per cubic meter has been fixed. (Price rate Order no. 8.2). 3. In the case of payment of Production charge, LNG charge, Gas Development Fund and Energy Security Fund, 2% distribution loss will be considered for receiving the gas through own transmission line and 2.25% transmission and (cont.2)
- Dividend Declaration
The Board of Directors has recommended 25% cash dividend for the year ended on June 30, 2018. Date of AGM: 20.12.2018, Time: 10:00 AM, Venue: Officers' Club, Dhaka. Record Date: 18.11.2018. The Company has also reported EPS of Tk. 3.43, NAV per share of Tk. 67.28 and NOCFPS of Tk. (0.50) for the year ended on June 30, 2018 as against Tk. 5.12, Tk. 65.64 and Tk. 4.07 respectively for the same period of the previous year.
- Price Limit Open
There will be no price limit on the trading of the shares of the Company today (28.10.2018) following its corporate declaration.
- Board Meeting schedule under LR 19(1)
As per Regulation 19(1) of the Dhaka Stock Exchange (Listing) Regulations, 2015, the Company has informed that a meeting of the Board of Directors will be held on October 25, 2018 at 4:30 PM to consider, among others, audited financial statements of the Company for the year ended on June 30, 2018.
- Q3 Financials
(Q3 Un-audited): EPS was Tk. 0.66 for January-March 2018 as against Tk. 1.45 for January-March 2017; EPS was Tk. 2.52 for July 2017-March 2018 as against Tk. 3.36 for July 2016-March 2017. NOCFPS was Tk. (3.97) for July 2017-March 2018 as against Tk. (0.14) for July 2016-March 2017. NAV per share was Tk. 65.83 as on March 31, 2018 and Tk. 65.49 as on June 30, 2017.
- Board Meeting schedule under LR 16(1)
As per Regulation 16(1) of the Dhaka Stock Exchange (Listing) Regulations, 2015, the Company has informed that a meeting of the Board of Directors will be held on April 15, 2018 at 5:30 PM to consider, among others, un-audited financial statements of the Company for the Third Quarter (Q3) period ended on March 31, 2018.
- Q2 Financials
(Q2 Un-audited): EPS was Tk. 0.58 for October-December, 2017 as against Tk. 0.82 for October-December, 2016; EPS was Tk. 1.86 for July-December, 2017 as against Tk. 1.91 for July-December, 2016. NOCFPS was Tk. 0.08 for July-December, 2017 as against Tk. 0.45 for July-December, 2016. NAV per share was Tk. 65.15 as on December 31, 2017 and Tk. 65.49 as on June 30, 2017.
- Dividend Disbursement
The Company has informed that it has disbursed the cash dividend to the respective shareholders for the year ended on June 30, 2017.
- Board Meeting schedule under LR 16(1)
As per Regulation 16(1) of the Dhaka Stock Exchange (Listing) Regulations, 2015, the Company has informed that a meeting of the Board of Directors will be held on January 28, 2018 at 5:30 PM to consider, among others, un-audited financial statements of the Company for the Second Quarter (Q2) period ended on December 31, 2017.
Source: Dhaka Stock Exchange announcements. Some posts before 2014 have no title, and 2014–2020 coverage is incomplete.