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January 30, 2008 |
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TATA POWER: Net Profit Down 30% in Qtr. Ended Dec. 31 Tata Power Company Ltd has posted a net profit after tax and statutory appropriations of INR1.97 billion for the quarter ended December 31, 2007, down 30% compared to the INR2.8 million earned in the same quarter in 2006. Total income in the Oct.-Dec. 2007 quarter, however, increased to INR14.61 billion from INR12.46 billion in 2006. With operating expenses of INR11,56 billion, the company booked an operating profit of INR3.05 billion. The company attributed the decreased bottom line to higher reversal of tax provisions for the quarter ended Dec. 31, 2006 -- INR1.48 billion -- compared o the INR13.1 million in Oct.- Dec. 2007. A copy of the company's financial results for the quarter ended Dec. 31, 2007, is available for free at: http://ResearchArchives.com/t/s?2784 Tata Power Company Ltd. -- http://www.tatapower.com/ -- is a licensee engaged in generation and supply power to bulk consumers in the Mumbai metropolitan area. The company operates four thermal plants with a combined capacity of 1,350 MW, and three hydroelectric plants aggregating 447 MW; all of these supply power to the Mumbai licence area. The company also has a plant that supplies power to Tata Steel. In addition, Tata Power has an 81-MW independent power project at Belgaum that sells power to Karnataka Power Transmission Corporation Limited. * * * Standard & Poor's Ratings Services, on Aug. 24, 2007, lowered its corporate credit rating on India's Tata Power Co. Ltd. to 'BB-' from 'BB+'. The outlook is stable. At the same time, the rating on Tata Power's US$300 million senior unsecured bonds have been lowered to 'BB-' from 'BB+'. Moody's Investors Service, on July 3, 2007, downgraded the corporate family rating of Tata Power Company to Ba3 from Ba1. At the same time, Moody's has downgraded its senior unsecured bond rating to B1 from Ba2. The ratings outlook is negative. |
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