Mumbai, Oct 22: Mumbai-based Global Tele Systems has posted a net profit of Rs 43.31 crore on a turnover of Rs 265.92 crore for the half year ended September 30, 1999. The net profit for the first half of 1999-2000 is up by 85 per cent while sales has increased by 12 per cent compared with the same period last year.Other income of Rs 2.41 crore for the first half was lower compared to Rs 3.01 crore in the same period last year.
Global is gradually shifting from consumer telecom and products business to software development, Internet and e-commerce services and solutions. Sales composition for the first half of this fiscal showed a drop in income from consumer products at Rs 20.5 crore against Rs 62.01 crore during the same period last year. Software and Internet group sales were up 47 per cent at Rs 126.19 crore and engineering up by 44 per cent at Rs 119.2 crore.
Interest and financial charges was Rs 14.73 crore against Rs 15.80 crore. The company said that the reduction was effected due to its efforts in refinancing high cost debt and reducing the debt component. Depreciation for the period was calculated at Rs 25.9 crore against Rs 13.6 crore last year as a result of the change in the depreciation policy whereby depreciation is now being provided on remaining estimated useful life of the fixed assets.
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