Karachi Electric Supply Corporation (KESC) financial cost during June 30, 2006 to December 31, 2007 rocketed up by 215 percent. KESC corporate results stated that the Company paid Rs 225.3 million to the banks on account of interest on its loans taken in June 30, 2006.
Which at the end of the December 31, 2007 soared to Rs 934.8 million, Private tv channel (Geo) reported. The Company said that during July-December, 2007 alone, the payment of interests on loans obtained surged by 85 percent, as the financial expenditures on bank loans, which stood at Rs 505.4 million at the end of June 30, 2007 shot up to Rs 934.8 million at the end of December 31, 2007.
It may be recalled that the buyer during the privatisation of KESC had given an undertaking of investing 400 million dollar for the improvement of KESC system.
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