AB Nuvo posts net loss

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New Delhi, Mumbai, Oct 24: Diversified conglomerate Aditya Birla Nuvo on Friday said its consolidated net loss stood at Rs 104.60 crore for the quarter ended September 30, 2008 as compared to a net profit of Rs 47.78 crore in the corresponding quarter last year. Total income has increased 29% at Rs 3,631 crore as against Rs 2,808.61 crore for the quarter under review. Meanwhile shares of the company dipped 20.06% to close at Rs 471.35 on the BSE on Friday.

While announcing the financial performance of the company, Adesh Gupta, wholetime director and CFO at Aditya Birla Nuvo said, “While the company grew in revenues as per plan, the consolidated result does not truly reflect the results of the investments and efforts made due to the gestating impact of the our newer business initiatives.”

He added that the nature of the life insurance business where new business premium, though profitable in the long run, causes strain in the first year due to the accounting procedure of amortising all expenses in the first year itself.

GlaxoSmithKline PAT dips

GlaxoSmithKline Pharmaceuticals Ltd has posted a net profit of Rs 131.9 crore for the quarter ended September 30, 2008, where as the same was at Rs 249 crore for the quarter ended September 30, 2007.

Total income is Rs 473.9 crore for the quarter ended September 30, 2008 against Rs 428.7 crore. The figures for the current period are not comparable with those of the previous period, in view of the sale of the fine chemicals business on September 30, 2007, company said.

Lupin net up 53%

Lupin has posted a net profit of Rs 115.62 crore for the second quarter ended September 30, a 52.85% growth over the corresponding period a year ago. The company had a net profit of Rs 75.64 crore in the second quarter of FY08.

The total consolidated income rose to Rs 934.31 crore in the quarter under review, from Rs 673.99 crore in the same period last fiscal. For the six months ended on September 30, Lupin witnessed a jump of 73.62% in net profit at Rs 228.14 over the same period last year. The company had a net profit of Rs 131.40 crore in the year-ago period. Total consolidated income increased to Rs 1,814.27 crore during the six-month period, from Rs 1,260.61 crore in the year-ago period.

Asian Paints net rises 12%

Paint manufacturer Asian Paints said its net profit for the second quarter ended September 30 grew 12.23% at Rs 121.71 crore over the corresponding period a year ago.

The company had a net profit of Rs 108.44 crore in Q2 of fiscal 2008, Asian Paints said in a filing to the Bombay Stock Exchange.

Total income of the firm rose to Rs 1,186.01 crore in the quarter under review, from Rs 916.91 crore in the same period last fiscal.

The company's board of directors has approved payment of interim dividend of Rs 6.50 per equity share of Rs 10 each for the financial year ending March 31, 2009.

United Breweries net plunges 51%

Liquor baron Vijay Mallya-led United Breweries said its net profit for the second quarter ended September 30 declined a 50.95% at Rs 5.16 crore, from the corresponding period a year ago.

The company's net sales rose to Rs 361.12 crore for the quarter under review, from Rs 280.65 crore in the same period a year ago, United Breweries informed the Bombay Stock Exchange.

For the six-month ended September 30, the company has posted a net profit of Rs 27.77 crore, against Rs 42.21 crore in the same quarter corresponding year. United Breweries has declared an interim dividend of 15% on the enhanced capital on September 10, amounting Rs 4.21 crore and the same has been paid, the filing added.

GE Shipping net up 47%

Great Eastern Shipping Company said its net profit for the second quarter ended September 30 stood at Rs 506.15 crore, a 47.65% growth over the corresponding period a year ago.

The company had a net profit of Rs 342.79 crore for the same quarter last fiscal, Great Eastern Shipping Company Ltd said in a filing to the Bombay Stock Exchange.

The standalone total income rose to Rs 864.09 crore for the quarter under review, from Rs 717.15 crore for the September quarter previous year.

For the six months ended September 30, 2008, GE Shipping posted a net profit of Rs 893.74 crore, against Rs 763.83 crore for the same period a year ago, up by 17%. Total income rose to Rs 1,820.45 crore for the reviewed period, from Rs 1,433.15 crore in the same period last fiscal.

Bharat Elec net rises marginally

Navratna company Bharat Electronics Ltd said its net profit for the second quarter ended September 30 grew marginally at Rs 123.73 crore over the corresponding period a year ago.

The company had a net profit of Rs 122.84 crore for the September quarter last fiscal, Bharat Electronics Ltd said in a filing to the Bombay Stock Exchange.

Total income rose to Rs 833.90 crore for the quarter under review from Rs 760.62 crore for the same quarter previous fiscal. For the six months ended September 30, the premier defence PSU posted a net profit of Rs 126.25 crore, against Rs 149.14 crore for the same period last year. Total income rose to 1179.82 crore for the reviewed period from Rs 1113.31 crore for the same period a year ago.

IDBI's net remains flat

State-run IDBI has reported a net profit of Rs 162 crore for the quarter ended September 30, 2008 from Rs 156 crore a year ago, thus registering a marginal growth of 4%. The bank's total business (deposits and advances) stood at Rs 1,66,564 crore from Rs.1,12,355 crore a year ago, showing a growth of 48%.

Deposits increased by a robust 59%, while advances grew by 40%. But, net NPAs also increased marginally to 1.28% from 1.11% a year ago. The bank's CAR currently stands at 11.57%. NII for the observed period stood at Rs 229 crore showing a growth of 53%. Fee based income showed a growth of 69%.

ABB net down 9% at Rs 105 cr

Engineering firm ABB said its net profit for the third quarter ended September 30, stood at Rs 104.79 crore, a 9.41 % decline over the same period a year ago.

The firm had a net profit of Rs 115.68 crore in the September quarter of FY08, ABB said in a filing to the Bombay Stock Exchange. Total income rose by 11.89% to Rs 1,559.02 crore in the quarter under review, from Rs 1,393.31 crore in the same quarter last year. The third quarter revenues stood at Rs 1,559 crore, a 12% increase over last year same quarter, it said.

Hexaware net plunges 57%

Software major Hexaware Technologies said its net profit for the quarter ended September 30 fell 57.22% at Rs 11.51 crore over the corresponding period a year ago.