The state-owned Power Finance Corporation (PFC) has posted a 20.4 per cent decline in its net profit for the quarter ended March 2008 to Rs 295.4 crore from Rs 371.2 crore in the same quarter last year as per the audited results announced today. The decline was due to losses on foreign-currency borrowings, resulting from the rupee appreciation.Total income was up 10.38 per cent from Rs 1,238.2 crore in the Jan-Mar quarter last year to Rs 1,366.8 crore this year. For the year ended March 2008, higher volume of operations helped PFC post a 22.37 per cent jump in net profit, while total income increased by 28.32 per cent from Rs 3,927.6 crore to Rs 5,040 crore. PFC has so far supported projects of over 70,000 Mw and about 33,000 Mw had been commissioned, accounting for 23 per cent of country's installed capacity. About 66 per cent of disbursements during the last year were for thermal power projects. "We are diversifying to fund small power projects and non-conventional energy pr...
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