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CESC cuts loss to Rs 49 crore

Calcutta, April 30: CESC, the R. P. Goenka-controlled power utility, has been able to prune its net loss from Rs 347 crore in the financial year 2001-02 to Rs 49 crore for the year ended March 31, 2003.

According to the unaudited financial results published by the company, CESC has registered sales of Rs 2,185 crore in the reporting year as against Rs 1,802 crore in the previous year.

The company attributes the improvement in various operating parameters and sharp drop in net loss to the effect of tariff revision. For the fourth quarter ended March 31, 2003 the company has registered a net loss of Rs 2 crore compared with Rs 144 crore in the corresponding period of the previous year.

The power utility has reduced power purchase bill from Rs 334 crore in 2001-02 to Rs 313 crore in 2002-03.

A release issued by the company said that net sales for the fourth quarter ended March 31, 2003 has been computed on the basis of tariff as billed by the company from time to time under relevant orders from the Supreme Court, Calcutta High Court and the West Bengal Electricity Regulatory Commission (WBERC).

However, the results are subject to changes on finalisation of tariff for the year 2002-03.

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