Pune, April 21: Sandvik Asia's net profit for the first quarter ending March 31, 2000 is up 107 per cent while gross profit is up 78 per cent during the first quarter as compared to the previous year's figures for the corresponding period. The company board is meeting next week to consider interim dividend. A 20 per cent dividend for year 1999 has already been announced.Net sales and income from operation during the first quarter has gone up 24 per cent to Rs 44.95 crore from last year Rs 36.24 crore. Gross profit has gone up to Rs 8.95 crore from Rs 5.03 crore.
Net profit is up from Rs 1.97 crore last year to Rs 4.08 crore during this year's first quarter. The earning per share for the quarter has gone up from 10.61 to 22.01.
The results were announced at the board meeting held here on Thursday. Company chairman Gunnar Bjorklund stepped down as chairman of Sandvik Asia. He is retiring from Sandvik AB, Sweden as executive vice-president later this year. Coming in would be Lars Pettersson, executive vice-president, Sandvik AB, Sweden and president of Sandvik Tooling.
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