DHI companies show improved performance in 2012

Eight Druk Holding and Investments (DHI) owned companies presented their annual reports for the year 2012 revealing an overall increase in revenue by 10 percent, and tax contribution increase by six percent compared to the previous year.

The remittances made to the Ministry of Finance including taxes were to the tune of Nu 4.5bn for 2012.

Bhutan Power Corporation Limited (BPC) and Druk Green Power Corporation Limited (DGPC) constitute about 85 percent of the total dividend received by DHI. DGPC managed just a marginal increase in its revenue by 1.76 percent and cited low power generation due to a poor monsoon and increased domestic consumption of power.

DGPC earned revenue of Nu 11,141mn, an increase from the Nu 10,948mn in 2011.

Druk Green power plants generated 6,811.27MU of electricity during 2012, a decline of 3.33 percent from the 2011 generation. Considering the lower generation and higher domestic consumption, energy export to India declined by 6.86 percent to 4,954.79MU during the year when compared to the previous year’s figures.

BPC’s report states domestic electricity demand has reached 284MW as compared to 276MW in the previous year. The net worth of BPC has been computed to about Nu 15,900mn as compared to Nu 13,696mn in 2011. The company has achieved a growth rate of 15.3 percent in the net worth for the year.

Drukair Corporation Limited’s revenue for 2012 amounted to Nu 2,761.2mn, an increase of about 22 percent or Nu 410mn from 2011 revenue of Nu 2,261mn.

Bhutan Telecom Limited’s (BTL) profit before tax for 2012 reached Nu 863.20mn which is an increase of about 27 percent from Nu 681.21mn in 2011. Dividend for the year to shareholders is proposed at 40 percent of the profit after tax.

Natural Resources Development Corporation Limited’s (NRDCL) total revenue from timber sales decreased to Nu 294.2mn compared to Nu 217.3mn in 2011 while revenue from sale of stones in 2012 reached Nu 18,235mn from Nu 18,201mn in 2011.

Dungsam Polymers Limited (DPL) commenced its production from March 26 .

The sales figures for 2012 were Nu 2.13mn PP bags and 81.20MT of fabric sold in the local market and neighboring states of Assam and West Bengal. DPL earned revenue of Nu 25.114mn during the year but suffered net loss. The company plans to cover the shortfall through a working capital loan to meet the cash position of the company. DPL is also focusing on cost saving by minimizing wastages and improving the efficiency in all section of the plant.

Bank of Bhutan Limited’s (BoBL) report reflected exceptional performance in terms of financial, credit growth and employee productivity during the year 2012. The bank registered a total income of Nu 2,136.11mn recording the highest net profit of Nu 660.12mn in the financial year 2012 against Nu 1,758mn of total income and Nu 644.39mn in net profit in the previous year.

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