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KPFC pays dividend to Government, KSEB

Special Correspondent

The KPFC, during the period 1999-2006, had mobilised Rs. 1,003 crore

TO THE EXCHEQUER: Electricity Minister A.K. Balan hands over the dividend cheque to Chief Minister V.S. Achuthanandan.

THIRUVANANTHAPURAM: The Kerala Power Finance Corporation (KPFC), a company jointly promoted by the State Government and the Kerala State Electricity Board (KSEB), has paid an amount of Rs.39.70 lakh to the two promoters as dividend for the year 2005-06.

In a press release here on Sunday, the KPFC said the dividend came to 20 per cent of the net profit earned by the company last year.

Electricity Minister A.K. Balan handed over to Chief Minister V.S. Achuthanandan a cheque for Rs.23.58 lakh covering the State Government's share of the dividend at a function at the Chief Minister's conference hall. Principal Secretary for Power K.K. Vijayakumar handed over to the KSEB chairman T.M. Manoharan a cheque for Rs.16.12 lakh towards the KSEB's share of the dividend at the same function.

Quoting the company's managing director V.V. Koshy, the press release said the KPFC had earned an income of Rs.98.94 crore and made a profit of Rs.1.98 crore in 2005-06.

The KPFC, during the period 1999-2006, had mobilised Rs.1,003 crore through bonds, term loans from banks and fixed deposits from the public to finance the power sector in the State. The power sector has received a total sum of Rs.1,138 crore from the KPFC so far. The amount includes the sum mobilised by the KPFC, in addition to internal accruals and the paid-up capital of Rs.23.40 crore contributed by the State and the KSEB. Mr. Koshy said the company had been making profits right from the year of its inception in 1998. The profits came to Rs.28.62 lakh in 1998-99, Rs.1.90 crore in 1999-2000, Rs.2.15 crore in 2000-01, Rs.2.09 crore in 2001-02, Rs.2.14 crore in 2002-03, Rs.2.83 crore in 2003-04 and 2.47 crore in 2004-05.

The KPFC has paid dividends amounting to Rs.30.43 lakh, Rs.34.31 lakh, Rs.34.77 lakh Rs.56.69 lakh and Rs.49.31 lakh to the two promoters respectively for the years 2000-01, 01-02, 02-03, 03-04 and 04-05. The company has also paid Rs.23.31 crore to the State Government as guarantee commission so far.

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