28.May .2021 12:30

Telasi Had A Loss Of 72.9 Million GEL In 2020

Telasi Had A Loss Of 72.9 Million GEL In 2020
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JSC Telasi is the main supplier of electricity in the capital of Georgia. The company has more than 600,000 registered subscribers in Tbilisi. JSC Telasi has published its financial report for 2020, which shows that the financial situation of the company has deteriorated and it ended 2020 with a loss of 72.9 million GEL. For comparison, in 2019 the company had a profit of 14 million GEL.

According to a report, the volume of electricity they sold last year fell by 11% to 2.47 billion kilowatt-hours due to the impact of the pandemic. As a result, the company's revenue from electricity distribution fell by 9% to 411 million GEL.

Purchase tariff of electricity increased by 9.8% to 397 million GEL to Telasi. This case became one of the main factors of Telasi loss.

Revenues of Telasi are distributed as follows in 2020:

• Revenue from household subscribers - 163.6 million GEL, a decrease of 0.2% over the previous year;
• Electricity sales for commercial and industrial customers - 219.1 million GEL, a decrease of 15% over the previous year;
• Sale of electricity to the public sector - 22.4 million GEL.

In addition to 411 million revenue generated from the sale of electricity, the company also received 21 million GEL in revenue from GWP and the Tbilisi Cleaning Service for billing (accounting) services last year. In total, the company's operating income amounted to 432 million GEL, but this amount was not enough to fully cover the costs of the company, due to which "Telasi" ended the pandemic year with a loss.

In addition to the $ 397 million spent on electricity purchase and distribution, the company spent 59.2 million on salaries in 2020. In addition, depreciation and amortization expenses amounted to 15 million GEL, while taxes amounted to 5 million GEL. The company also spent 22 million GEL in "other expenses" and financial expenses amounted to 11 million GEL.

Due to these factors, in 2020 the company lost 72.9 million GEL.