Enemalta makes Lm3.5m loss, expects recovery

Enemalta made a loss after tax of Lm3.5 million in the year up to September 2001 as a result of an increase in the price of oil and the strength of the dollar, the corporation's annual report, tabled in parliament yesterday, shows. The pre-tax loss was of Lm6.7 million.

The report points out that the price of oil peaked at $33 a barrel between September and December 2000.

The corporation said losses were not as high as anticipated as it had successfully reduced electricity losses by Lm1.5 million. The weakening of the dollar towards the end of the financial year also enabled the corporation to register an exchange gain of just over Lm2 million at the end of the financial year.

Provisional figures for the year which ended on September 30, 2002 showed that Enemalta had "recovered somewhat" and should end the year with improved results.

This was due to the further weakening of the dollar and more stable and lower, albeit still rather high, oil prices.

Projections also tabled in parliament yesterday show that Enemalta expected to have made a pre-tax loss of Lm1.3 million in the year 2001-2002. A profit of Lm364,000 is projected for the year ending next September 30.