Power Finance Corporation (PFC), the state owned power sector financing utility has posted a 6 per cent increase in net profit for the quarter ended December 2008, at the back of loan asset growth of 28 per cent.
“The reason for the increased profit has been the loan asset growth of 28 per cent,” said PFC Chairman Satnam Singh.
The company has posted a net profit of Rs 339 crore for the quarter ended december 2008 as compared to Rs 320 crore posted in the corresponding quarter last year (2007-2008). Comparable numbers were not available for the third quarter 2006-2007.
For the financial year 2007-2008, the company had recorded a 22 per cent increase in net profit at Rs 1,207 crore as compared to a 1.5 per cent increase in net profit in the financial year 2006-2007.
Total income of the company in the quarter has also increased 33 per cent at Rs 1,716 crore as compared to Rs 1,292 crore posted in the corresponding quarter last year.
The total disbursements of the company have increased 35 per cent at Rs 4,278 crore in the quarer as compared to Rs 3,170 crore registered during the same quarter last year.
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Major projects sanctioned by the financing utility during the quarter include - Koradi extension power station of Maharashtra State Power Generation Corporation (6,512 crore), Bellary thermal power station of Karnataka Power Corporation (Rs 1,806 crore) and RKM Power Generation (Rs 1,250 crore).
The company’s share closed at Rs 132.05 on the Bombay Stock Exchange, an 8 per cent increase as compared to the month ago close of Rs 122.10.