KALIBO, Aklan – The Aklan Electric Cooperative (Akelco) can sustain its operations in the coming years, an independent auditing firm said.
Jane Lamboso, an associate partner of the auditing firm commissioned by the Akelco to conduct an external audit on its financial status, revealed the findings in a news conference recently.
Despite incurring losses accumulated in the 70s, Lamboso said Akelco “has shown signs of recovery and displayed remarkable signs of improvement as it has dutifully followed the auditing firm’s recommendations.”
Lamboso said that based on Akelco’s statement of financial position as of December 21, 2012, it has P971 million in total assets, P638 million in total liabilities and P333 million in net members’ equity.
The audit findings also showed that Akelco has a total revenue (net of reinvestment fund for sustainable capital expenditure or RFSC) of P1.935 million; incurred P1.959 million in cost of power and expenses; registered a net loss of P24 million; chalked an RFSC of P59 million and posted a Net Margin (after RFSC) of P35 million.
Last August 21, 2013, the Western Visayas Electric Cooperative Association (WEVECA) conducted its meeting in Akleco’s compound at Andagao Sub-Office hereAklan to show its support to the management headed by the General Manager Chito R. Peralta.
In attendance were the general managers of ILECO I, ILECO II, ILECO III, CAPELCO, CENECO, NOCECO, VRESCO and GUIMELCO.
Engr. Wilfred Billena, WEVECA president and ILECO 1 general manager, dismissed reports that Akelco is “bankrupt and mismanaged” based on the findings of another external auditor.