State-run Power Finance Corp (PFC) today reported a 16.6 per cent decline in standalone net profit at Rs 1,428.59 crore in the first quarter ended June, due to lower interest income.
The company's standalone net profit was recorded at Rs 1,712.55 crore in the quarter ended on June 30, 2016, Power Finance Corporation said in a BSE filing.
According to statement, its total income declined to Rs 6,931.90 crore in the first quarter from Rs 7,158.66 crore in the year-ago period.
Its interest income came down to Rs 6,779.82 crore in the quarter under review from Rs 7,072.05 crore in the year-ago period.
The company also informed the BSE that it has decided not to go for bonus share issue for the time being.
According to guidelines on Capital Restructuring of Central Public Sector Enterprises (CPSE) issued by Department of Investment & Public Asset Management (DIPAM) in May last year, the board in its meeting held today deliberated on 'Issue of Bonus Shares'.
It said, "Board of Directors decided not to issue bonus shares for the present."
The company has made non-performing assets (NPA) provision of Rs 251.31 crore in the first quarter higher than Rs 110.95 crore in the same period a year ago. Its gross NPAs were Rs 31,515.80 crore on June 30, 2017, up from Rs 30,718.61 crore as on March 31, 2017.
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