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DEWA Posts Profit as Cost Drops
DUBAI - Dubai Electricity and Water Authority, the state-owned utility that refinanced a $2.2 billion loan last week, posted a profit in 2008 as the cost of electricity generated and purchased declined.
Net income was Dh4.24 billion($1.15 billion) compared with a loss of Dh744 million in the previous year, the company said in a statement to Nasdaq Dubai on Sunday. Revenue jumped 52 per cent to Dh9.29 billion.
Demand for electricity and water in Dubai, the second- biggest of seven states that make up the UAE, surged amid an economic boom that attracted thousands of expatriates. The worst global economic crisis since the 1930s has now threatened economic growth and affected the emirate’s property industry. Generation and desalination expenditure fell 23 per cent to Dh3.41 billion and the cost of electricity purchased dropped 64 per cent, the utility said.
DEWA, as the authority is also known, is carrying a negative fair value of Dh1.3 billion on an interest-rate-swap contract it entered into in 2007, according to the notes to the financial statement. DEWA will attempt to renegotiate the swap agreement, which has a notional value of Dh5.55 billion. The utility received a $2.2 billion loan from 18 international and local banks to refinance maturing debt, it said on April 5.
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