Essar Shipping Q2 net down 40 per cent to Rs 13 crore

Our Bureaux

October 30: Essar Shipping has registered a 40 per cent decline in net profit to Rs 12.65 crore for the second quarter ended September 30, 2001, as compared to Rs 20.04 crore for the corresponding quarter last year. Income from operations rose to Rs 107.06 crore from Rs 91.75 crore last year.

During the quarter under review, the other expenditure increased by 70 per cent to Rs 58.12 crore. This increase in other expenditure along with the softening markets resulting in reduction in earnings saw the net profit in the second quarter decline over the corresponding quarter last year.

However, for the half year ended September 2001, the company posted a 24 per cent increase in net profit to Rs 37.85 crore from Rs 30.51 crore in the corresponding half last year. Income from operations rose to Rs 238.07 crore from Rs 101.50 crore in the first half, a company release said.

Commenting on the results, Essar Shipping Managing Director & CEO Sanjay Mehta said, “While the half yearly performance has been as per our expectations, the geo-political situation in Afganistan will have negative impact on the shipping freight rates.”

However, Essar Shipping has mitigated these risks by entering into various time charters with a committed earnings of Rs 122 crore for the third and fourth quarters. This will provide stable earnings for the next two quarters as compared to our peer group, Mr Mehta added.
Nirma net dips 28 per cent.

NIRMA Ltd has posted a 27.64 per cent decline in net profit at Rs 49.89 crore for the quarter ended September 30, 2001 as compared to Rs 68.95 crore for the corresponding period last fiscal. Total income has decreased from Rs 485.62 crore in quarter ended September 2000 to Rs 458 crore in the quarter ended September 30, 2001.

Asian Paints net down to Rs 29.6 cr
Asian Paints India Ltd has posted a 2.75 per cent decline in net profit at Rs 29.62 crore for the second quarter ended September 30, 2001 as compared to Rs 30.46 crore for the corresponding period last fiscal. Total income during the period has decreased from Rs 351.82 crore in quarter ended September 2000 to Rs 345.15 crore in the second quarter this fiscal.

The board of directors have approved the payment of interim dividend of Rs 3.50 per equity share of Rs 10 each for the financial year ended March 31, 2002.

Sterlite Optical Tech net dips 78%
Sterlite Optical Technologies Ltd has posted a 78.46 per cent decline in net profit at Rs 12.31 crore for the quarter ended September 30, 2001 as compared to Rs 57.15 crore for the corresponding period last fiscal. Total income has decreased from Rs 205.93 crore to Rs 90.92 crore in the quarter ended September 30, 2001.

Apollo Tyres net down to Rs 3.2 cr
Apollo Tyres Ltd has posted a 48.48 per cent decline in net profit at Rs 3.22 crore for the quarter ended September 30, 2001 as compared to Rs 6.25 crore for the corresponding period last fiscal. Total income has increased from Rs 299.04 crore in quarter ended September 2000 to Rs 318.09 crore in the quarter ended September 30, 2001.

GSFC gross profit up 7%
Gujarat State Fertilisers & Chemicals Ltd (GSFC) has posted a 6.83 per cent rise in profit before Tax & Exceptional items at Rs 12.36 crore for the quarter ended September 30, 2001 as compared to Rs 11.57 crore for the corresponding period last fiscal. Total income has decreased from Rs 798.31 crore in September quarter 2000 to Rs 676.69 crore in the quarter ended September 30, 2001.

Arvind Mills net dips to Rs 44.5 cr
Arvind Mills has posted a net loss of Rs 44.59 crore for the quarter ended September 30, 2001 as compared to a net loss of Rs 108.82 crore for the corresponding period last fiscal. Total income has increased from Rs 285 crore in second quarter 2000 to Rs 342.68 crore in the quarter ended September 30, 2001.

Jindal Steel net up 1%
Jindal Steel & Power Ltd has posted a 1.04 per cent rise in net profit at Rs 26.20 crore for the quarter ended September 30, 2001, as compared to Rs 25.93 crore for the corresponding period last fiscal. Total income has increased from Rs 119.89 crore in September quarter 2000 to Rs 124.43 crore in the quarter ended September 30, 2001.

Sun Earth Ceramics net up 24%
Sun Earth Ceramics Ltd has reported a 23.75 per cent increase in the net profit for the first quarter ended September 30, 2001 at Rs 11.20 crore as against Rs 9.05 crore for the corresponding period last year. Sales during the period stood at Rs 138.65 crore as against Rs 57.99 crore for the same period last year.

Cummins India net down 17%
Cummins India Ltd has posted a 16.80 per cent decline in net profit at Rs 22.74 crore for the quarter ended September 30, 2001 as compared to Rs Rs 27.33 crore for the corresponding period last fiscal. Total income decreased from Rs 209.65 crore in SQ 2000 to Rs 188.66 crore in the quarter ended September 30, 2001.

Trent net down to Rs 3 cr
Trent Ltd has registered a 15.60 per cent decline in net profit at Rs 2.65 crore for the quarter ended September 30 2001, as compared to Rs 3.14 crore posted in the corresponding period previous fiscal. Net sales during the period stood at Rs 19.66 crore as against Rs 12.32 crore for the same period last year.

Pritish Nandy Comm posts Rs 56 lakh net
Pritish Nandy Communications has reported a net profit of Rs 56.17 lakh for the quarter ended September 30, 2001. This compares to a net loss of Rs 6.34 lakh for the corresponding period of the previous financial year. The company recorded a turnover for the half year ended September 30, 2001 stands at Rs 1.73 crore against Rs 1.47 crore for the same period last year.