HFC registers Rs 12 cr profit in FY05-06

CHANDIGARH: The Haryana Financial Corporation (HFC) has recorded a net profit of about Rs 12 crore during the year 2005-06 as against losses of Rs 22.86 crore in the year 2004-05.

Apart from reducing its non-performing assets, the cost of borrowings was also reduced by swapping of high cost borrowings with lost cost fresh borrowings from banks and financial institutions, HFC Managing Director Ram Niwas said at a meeting presided over by Chief Minister Bhupinder Singh Hooda.

He said that the other steps taken as a part of the turn around strategy included financing only in industrial estates of Haryana State Industrial and Infrastructure Development Corporation and Haryana Urban Development Authority.