IOC net dips 31% at Rs 1019 cr in H1

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October 30: Indian Oil Corporation (IOC) has reported a 31.4 per cent dip in its net profit during the six months period ending September 30, 2001. The net profit during these six months stood at Rs 1019 crore as against Rs 1,487 crore in the same period last year.
Income from sales and operations during April-September registered a 0.8 per cent increase at Rs 57,893 crore from Rs 58,371 crore during the corresponding period the previous year, an IOC release said.

"The volatility of crude prices in the international market leading to lower refining margins and lower demand for petroleum products in the country have impacted the profit during the first half," the release added.

The country’s only Fortune-500 company achieved 7.9 per cent increase in gross turnover for the first half of the current fiscal to Rs 59,376 crore as compared to Rs 54,998 crore during the same period last fiscal.

GE Shipping net up 35% to Rs 44 cr
THE Great Eastern Shipping Company (GE Shipping) has registered a 35.27 per cent increase in net profit to Rs 44.3 crore for the second quarter ended September 30, 2001, as compared to Rs 32.75 crore for the corresponding quarter last year. Total income during the period has gone up to Rs 301.79 crore from Rs 251.52 crore last year.

The company, in a notice to the BSE, informed that it has acquired one 1995 built panamax bulk carrier and one 1989 built harbour tug at the aggregate cost of $ 15.72 million during the quarter.

The softening of the tanker rates slightly, and the dry bulk rates to a large extent has resulted in the net profits dipping as compared to the preceding quarter. GE Shipping had posted a net profit of Rs 61.70 crore for the first quarter ended June 30, 2001 on a total income of Rs 342.83 crore.

The company had anticipated that the revenue outlook for the second quarter would be weak both for tanker and dry bulk, though it had entered into long duration contracts when the freight rates were at its peak.

Meanwhile, GE Shipping has bought back and extinguished 10,92,553 equity shares during the current quarter on second buy back, thereby reducing the paid up equity share capital to Rs 214.81 crore.

Mascot systems net zooms
MASCOT Systems, a leading IT services company, has reported a 48 per cent jump in net profit at Rs 13.88 crore for the quarter ended September 30, 2001, compared to the same period last year.
Revenues went up by 47 per cent to touch Rs 111 crore during the period, Mascot, a leading provider of solutions for e-business, business intelligence, applications re-engineering, custom solutions and application maintenance outsourcing, said in a statement here.

For H1 of 2001-02, revenues were up 58 per cent to reach Rs 222 crore compared to the corresponding period last year, while net profit was up 71 per cent at Rs 27.04 crore.

Essar Shipping Q2 net down 36.87%
ESSAR Shipping Ltd (ESL) has recorded a 36.87 per cent decline in net profit at Rs 12.65 crore for the second quarter ended September 2001, compared to Rs 20.04 crore in same period of previous fiscal. Total income in Q2 was higher at Rs 108.56 crore as against Rs 93.16 crore in corresponding quarter of last year, ESL said in a release.

For the first half ended September 2001, the net profit was up at Rs 37.85 crore (Rs 30.51 crore in H1 of last year) while total income stood at Rs 248.87 crore (Rs 194.40 crore), it added.

ESL managing director and CEO Sanjay Mehta said, ‘‘the geo-political situation in Afghanistan will have negative impact on the shipping freight rates. This coupled with the slowdown in the world economy is expected to affect the industry earnings for the third and fourth quarters of FY-02.’’

Nirma Ltd Q2 net dips by 27.64%
NIRMA Ltd has posted a 27.64 per cent decline in net profit at Rs 49.89 crore in the second quarter ended September 2001 as compared to Rs 68.95 crore in the corresponding period last fiscal. Total income for the reporting quarter also decreased to Rs 458 crore from Rs 485.62 crore in the Q2 2000, Nirma Ltd informed the Bombay Stock Exchange here on Tuesday.

Nucleus Software PAT up 60%
BANKING software solutions provider Nucleus Software has posted a 60 per cent increase in the net profit at Rs 2.61 crore for the second quarter ending September 31, 2001.

The company has also reported a 100 per cent rise in its revenue to Rs 14.62 crore for the period, while projecting Rs 20 and 25 crore for the third and last quarters of the present fiscal and Rs 70 crore for offshore business, a Nucleus release said. The company also reported a net profit of Rs 5.8 crore on a turnover of Rs 28 crore for the half year period, it said adding that it was able to add six more clients taking the active client base to 50.

Jindal Steel & Power posts Rs 26.2 cr net
JINDAL Steel & Power Ltd has posted a marginal increase of 1.04 per cent in net profit at Rs 26.2 crore for the second quarter ended September 30 as compared to Rs 25.93 crore in the corresponding period last fiscal. Total income for the quarter under review stood at Rs 124.4 crore as against Rs 119.8 crore in Q2 2000, the company informed the Bombay stock exchange here on Tuesday.

KRL Q2 net down by 73%
KOCHI Refineries Ltd net profit has dipped by 72.73 per cent to Rs 7.92 crore for the second quarter ended September 30 compared to Rs 29.04 crore in the corresponding period last fiscal.

Total income for the reporting Q2 was down to Rs 1788.77 crore as against Rs 1,995.41 crore in quarter ended September 30, 2001, KRL informed the Bombay Stock Exchange here on Tuesday.

During the half year ended September 30, 2001, there was a planned maintenance shut down for 53 days for major overhaul and maintenance, it added.

GSFC Q2 net dips by 79% at Rs 2.44 cr
THE Gujarat State Fertilisers & Chemicals (GSFC) has posted a massive decline in net profit by 78.78 per cent of Rs 2.44 crore in the second quarter ended September 30 compared to Rs 11.5 crore in the corresponding period last year due to additional water charges paid to Indian Oil Corporation (IOC).

The company has incurred an exceptional item of Rs 9.92 crore as additional water charges payable to IOC on account of water drawn from a joint supply scheme with the oil major for a period between April 1997 to March 2001 consequent to a settlement between IOC and Gujarat government, GSFC informed the Bombay Stock Exchange here.