Date:27/04/2005 URL: http://www.thehindubusinessline.com/2005/04/27/stories/2005042702590300.htm

Back PTC Q4 net dips 54 pc

Our Bureau

New Delhi , April 26

POWER trading major PTC India Ltd (PTC) has announced a 54 per cent dip in net profit at Rs 3.78 crore during the fourth quarter of 2004-05. Income from operations was down 46 per cent at Rs 340 crore during the periodcompared to the previous year, largely due to a fall in business volumes.

The company also announced a 25 per cent dip in net profit at Rs 24.03 crore (Rs 32.48 crore). During the year, PTC traded 8,887 million units compared to 11,029 million units in 2003-04, a company release said.

Commenting on the performance, the PTC Chairman and Managing Director, Mr T. N. Thakur, said, "We will continue our endeavours to develop the power market in the country in a balanced and orderly manner."

PTC has also entered into MoUs with 13 new companies totalling capacity of over 10,000 MW, for which power purchase and sale agreements were being negotiated. Besides, the company has also picked up a 11 per cent stake in the 300 MW Lanco Amarkantak project in Chhattisgarh, in line with its decision to take limited equity stakes in generation projects where the company is already in long-term power purchase agreements, to facilitate their financial closure.