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PFC Q1 net profit down 16.6% at Rs 1,428 cr

Press Trust of India  |  New Delhi 

State-run Power 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

The company's standalone net profit was recorded at Rs 1,712.55 crore in the quarter ended on June 30, 2016, Corporation said in a filing.

According to statement, its total declined to Rs 6,931.90 crore in the first quarter from Rs 7,158.66 crore in the year-ago period.

Its interest 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 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 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.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, August 10 2017. 19:57 IST