Reliance Power net profit at Rs 106 crore

Reliance Power, the company engaged in developing 13 medium and large-sized power projects, has posted a consolidated net profit after tax and minority interest of Rs 105.68 crore for the quarter ended December 2008.

Other income stood at Rs 131.31 crore for the quarter ended December 2008. On standalone basis, however, the company posted a net profit of Rs 107.07 crore on an income of Rs 127.56 crore.

The quarterly results are not comparable since the company was listed in February last year only.

The company said the construction work for the 600-MW Rosa Phase I project in Shahjahanpur in Uttar Pradesh is expected to be commissioned ahead of schedule.

The construction work is "progressing at a fast pace and the project is expected to be commissioned six months ahead of its scheduled date of June 2010," the filing noted.

Further, the company said that the commissioning schedule of the Sasan project has been brought forward by three years, from 2016 to 2013.

"Sasan UMPP is in advanced stages of achieving financial closure and has already obtained sanctions for most of the debt required for the project," the filing added.

Shares of Reliance Power closed at Rs 98.70, down 1.64 per cent on the Bombay Stock Exchange.