Calcutta, July 8: The amalgamated Usha Beltron on Wednesday reported a profit after tax of Rs 33.70 crore on net sales and other income of Rs 460 crore for the year to March 31, 1998. The two constituents Usha Martin Industries and Usha Beltron had reported a combined net profit of Rs 28.62 crore in the previous year. They merged on October 1, 1997.Annualised earnings per share for the amalgamated company was Rs 18.30 for 1997-98. The board has proposed a dividend of 50 per cent or Rs 5 per Rs 10 share. In the previous year, Usha Beltron paid a dividend of 30 per cent and Usha Martin 15 per cent.
The pre-interest profit for 1997-98 was Rs 89.24 crore on a net sales and other income of Rs 459.98 crore. Interest outflow accounted for Rs 24.45 crore, depreciation for Rs 26.56 crore and sales tax for Rs 4.50 crore. Cash earnings per share was Rs 35.50 for 1997-98.
Vice-chairman Prashant Jhawar said the year was difficult for the steel industry, but Usha Beltron fared well because of an increase inwire-rope exports and higher production of telephone cables.
The corporate strategy to fight the industrial recession involved cost cutting, raising output and adding value. Even though telephone cable prices dropped by 18 per cent during the course of 1997-98, the company raised output by five per cent and cut manufacturing costs, helping retain the division's profitability, he said.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
