Although the power utility's sales have come down to Rs 413 crore in the fourth quarter from Rs 432 crore in the first quarter, sales for the whole fiscal year have risen to Rs 1655 crore from Rs 1450 crore in 1997-98. Total income of this generation & distribution company, which caters to Calcutta and adjoining areas, has gone up to Rs 1732 crore from Rs 1516 crore in the previous fiscal.

Following tariff revision from October 19, 1998, CESC could post a profit before tax of Rs 6 crore for the second half of 1998-99, compared to a loss of Rs 138 crore during the first half.

The impact of retribution during the year was Rs 112 crore, while depreciation and interest charge on the 250mw first unit of Budge Budge Thermal Power Station was Rs 162 crore. Depreciation and additional interest charges on account of the commissioning of the first Budge Budge unit was Rs 101 croreand Rs 61 crore respectively. Minus Budge Budge, there has been no increase in interest cost.

Total units sold by CESC during 1998-99 were marginally higher at 5066 million units (mu), compared to 5019mu in the previous year. However, the company's own generation increased by 733mu, mainly due to satisfactory operation of the first unit of Budge Budge.

As a result, there has been a savings of Rs 84 crore on account of power purchase from other agencies - West Bengal State Electricity Board (WBSEB) and Damodar Valley Corp.

Company officials say that as on April 30, 1999, the company's dues to WBSEB amounted to Rs 362 crore. However, WBSEB claims that CESC dues are much higher. The second unit of Budge Budge was synchronised on March 6, 1999. Commercial generation from this unit is expected in the first quarter of the current year.

On the Y2K problem, CESC managing director Sumantra Banerjee said: "Necessary steps have been taken for ensuring Year 2000 compliance in our computer hardware, software andmicroprocessor-based equipment and substantial progress has already been achieved. The entire process is expected to be completed well before December 31, 1999. We do not envisage any problem in this regard."