147. Botswana Power Corporation 2.0 Accounts  2.1 Audit Opinion 2.2 Financial Results In the opinion of the auditors:  The financial statements presented fairly, in all material respects,  the financial position of Botswana Power Corporation as at 31  March 2018, and of its financial performance and its cash flows  for the year then ended, in accordance with International  Financial Reporting Standards. After nine years of the Corporation making losses the situation  was turned around in the year under review where the Corporation recorded a profit of P 674.11 million, compared to a  loss of P 140.25 million in the previous year. The main contributors to the profitability of the Corporation were  the increase of P240.72 million (8.69%) in revenue from P2.77  billion in the previous year to P3.01 billion in the year under review  and a decrease of P935.38 million (24%) in generation, transmission and distribution expenses from P3.81 billion in the  previous year to P2.88 billion in the year under review. The  consumer tariff subsidy however decreased by P210.50 million  (13%) from P1.67 billion in the previous year to P1.46 billion in the  year under review.  Gains on revaluation of land and buildings and generation,  transmission and distribution assets of P1.1 billion also contributed  to the overall comprehensive income for the year of P1.61 billion. The Corporation continued to incur losses (before taking into  account the tariff subsidy) and its current liabilities exceeded its  current assets. These conditions cast significant doubt on the  Corporation’s ability to continue as a going-concern. This unfavourable performance requires Government to provide 151  The financial statements of Botswana Power Corporation for the financial year ended 31 March 2018 were audited by Messrs PricewaterhouseCoopers, Certified Auditors, who were appointed by  the Board in terms of Section 22 (2) of the Botswana Power Corporation  act, (Cap 74:01). 