Hoechst Marion has posted a lower turnover of Rs 525.10 crore for the year ended March 31, 1999 as against Rs 535 crore in the corresponding period of the previous year. The net profit of Rs 20.40 crore has been declared (Rs 32.10 crore) despite a change in company's policy of amortising the VRS expenditure over a period of four years as against its earlier practice of writing them off in the same year. Gross profit has declined to Rs 53.30 crore (Rs 73.20).

Mirc Electronics net up

Mirc Electronics, maker of the Onida brand of televisions, has reported a net profit of Rs 27.02 crore for the year ended March 31, 1999, higher than Rs 20.42 crore reported last year. Turnover was Rs 688.58 crore compared to Rs 522.57 crore. The company has stated in a release that it is confident of selling 7.5 lakh colour TVs during the current financial.

Abbot records Rs 2.83cr net

Abbott Laboratories has reported a net profit of Rs 2.83 crore for the year ended March31, 1999, up from Rs 1.63 crore reported in the previous year. Net sales were Rs 88.62 crore, marginally higher than Rs 80.50 crore. Extraordinary expenses of Rs 2.50 crore represent proportionate amortisation of deferred revenue expenditure of Rs 9.02 crore disclosed in the accounting year ended March 31, 1998.

Tata Investment net improves

Tata Investment Corporation Ltd has posted a improved profit of Rs 22.67 crore for the year ended March 31, 1999 compared to Rs 20.06 crore in the corresponding period of the previous year. The total income during the period was Rs 28.32 crore (Rs 27.16 crore). Depreciation of Rs 0.20 crore (Rs 0.23 crore) and a tax provision of Rs 1.66 crore (Rs 1.46 crore) has been made. A dividend of Rs 5 per share has been declared.

VIP declares 25% dividend

Luggage manufacturer VIP Industries has reported a 12 per cent increase in its net profit for fiscal 1998-99 to Rs 21.44 crore as against Rs 19.14 crore in the previous financial year. The board of directorshas recommended a dividend of 25 per cent, which is the same as last year, a company statement said. The company achieved a higher turnover of Rs 268 crore in 1998-99 as compared to Rs 248.84 crore in 1997-98, the statement said.

Hyderabad Industries net up 40%

Hyderabad Industries Ltd has recommended a dividend of 25 per cent after registering more than 40 per cent jump in net profit during the financial year ended March 31, 1999. Official sources said after a board meeting in New Delhi that net sales declined marginally to Rs 278.59 crore from Rs 304.64 crore in 1997-98. Company's net profit jumped to Rs 4.23 crore in 1998-99 which was more than 40 per cent higher in comparison to Rs 3 crore in the previous fiscal, sources said.

Blow Plast net profit up

The board of directors of Blow Plast on Wednesday recommended a 25 per cent dividend for the 1998-99 fiscal having recorded a 11.5 per cent growth in net profit during the year. Net profit for the period stood at Rs 7.56 crore from Rs6.78 crore a year earlier. Its sales turnover was Rs 271.13 crore as against Rs 256.92 crore in the previous year. Gross profit has grown from Rs 12.49 crore to Rs 13.56 crore. After providing for depreciation of Rs 2.29 crore, net profit stood at rs 7.56 crore.

Matiz bags awards

Daewoo Motor's Matiz has won two more international awards. In April, Quattroruote (four wheels), an Italian automobile magazine, announced Daewoo's matiz `the absolute winner' in the segment of city cars. This declaration was made by the magazine after a poll by 80,000 of its readers. The cars competing were 250 including Italian and foreign prestigious brands. Auto Motor Sport, a German automobile magazine has selected Matiz as the third best car in the world in the small car segment.

A clarification

This refers to the news item Bharat Forge sales rise 25% to Rs 601 crore which appeared on May 25 edition. Actually the sales has declined by 20.6 per cent to Rs 477 crore for the year ended March 1999. We regretthe error.