MUMBAI, MAY 31: Power major BSES has reported a 3.04 per cent growth in its net profit for fiscal 1998-99 at Rs 270.24 crore as against Rs 262.27 crore in the previous financial year. The board of directors has recommended a dividend of 34 per cent for the year as compared to 32 per cent last year.The company's total income for 1998-99 stood at Rs 2,349.43 crore showing an increase of 13.65 per cent over last year's Rs 2,067.31 crore.
The net income from the sale of electricity was recorded at Rs 1,759.77 crore, seven per cent lower than the previous year's Rs 1,889.72 crore, a company statement said here today.
On the other hand, the company's income from EPC contracts, computer and international divisions sky-rocketed 359 per cent to Rs 500.4 crore in 1998-99 from Rs 109.08 crore in 1997-98, the statement added.
BSES's gross profit after interest but before depreciation and taxation has risen 15.25 per cent to Rs 521.6 per cent from Rs 452.63 crore in 1997-98.
The value of sale of electricity hascome down partially due to the reduction in fuel adjustment charges in the tariff, it said.
The company has appointed an international consulting agency, Gartner group along with BSES Telecom Ltd, to study, analyse and carry out reviews of all areas relating to Y2K. The target date for Y2K compliance has been fixed at October 15, and the cost of achieving this is estimated at Rs 5 crore, the statement said.
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
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