CESC posts net profit decline in 2007-08July 1st, 2008 - 8:14 pm ICT by IANS
Kolkata, July 1 (IANS) CESC Ltd has posted a decline in profit after tax (PAT) at Rs.6.27 billion for the financial year ended March 31, 2008 compared to Rs 6.37 billion during the previous year. To meet increased demand, the power purchase from external agencies increased manifold. In 2007-08, the company purchased Rs.3.78 billion-worth of power from other sources while in 2006-07 the figure was Rs.2.68 billion.
Fuel prices increased by more than 10 percent in Dec 2007 which, along with increased requirement of coal to support higher generation, resulted in increase in fuel cost.
Fuel cost incurred by the company in 2007-08 was Rs.8.66 billion compared to Rs.8.43 billion the previous year.
The board of directors of the company, at its meeting held here Tuesday, decided to recommend payment of dividend at 40 percent or Rs.4 per share for the year ended March 31, 2008 on the paid-up share capital of the company.