MUMBAI, January 17: Pond's (I) Ltd has posted a net profit of Rs 61 crore for the year ended December 1997 against Rs 47 crore, an increase of 30 per cent with revenues at Rs 470 crore (Rs 395 crore).The gross profit before depreciation and interest has gone up from Rs 68 crore in 1996 to Rs 82 crore in 1997, an increase of 21 per cent.
Depreciation will absorb Rs 4 crore against Rs 3.4 crore in the previous year. With strict control over working capital and augmentation of cash resources, there has been significant savings on interest (Rs 2.6 crore net interest income for 1997 against a net interest cost of Rs 0.2 crore for 1996).
There has been a change in the equity share capital base in 1997. It may be recalled that the company had issued 9.31 lakh equity shares on a preferential basis to Unilever Overseas Holdings BV as well as issued a bonus out of general reserve in 1997 in the ratio of 1:1. Consequently, the EPS on the year-end share capital base works out to Rs 20.50. Exports in 1997 touchedRs 110 crore. The company is continuing its efforts to improve service to its shareholders. In deference to wishes of the members, the company had sought waiver of the time gap between two record dates with the Chennai and Mumbai SEs and advanced the record date for the bonus.
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