Kolkata, April 11: SPENCER & Co Ltd, an RPG group company, on Wednesday said that its net profit had come down to Rs 4.07 crore during the financial year 2000-2001 from Rs 5.81 crore in the last fiscal.

Theboard of directors of the Chennai-based company, after a meeting in Kolkata said that net profit was down despite recording a higher net sales of Rs 292.12 crore against Rs 276.11 crore last year.

A sharp decline in other income to Rs 14.86 crore from Rs 23.50 crore in the last fiscal and an increase in the cost of goods sold had an adverse impact on the company’s profitability even as staff cost, other expenditure and depreciation charges remained significantly lower this year.

The financial results of 2000-2001 did not cover the company’s Food World Supermarket business, as this was transferred as a going concern to Food World Supermarkets Ltd. However, the existing businesses recorded 31 per cent growth in turnover on a comparable basis, the company said.

The combined turnover of Spencer and its subsidiary companies crossed the Rs 600 crore mark during the year, repreasenting a growth of 45 per cent, it said. A newly formed subsidiary - Great Wholesale Club Ltd- is slated to open the country’s first large Cash-and-Carry store in Hyderabad during the first quarter of 2001-2002. (PTI)