Profits before tax at Rs 39.52 crore was 23.6 per cent lower than July-September 2001 figure.
As a result of restructuring, the company has closed down its Kolkata packing station with effect from September 2002 and a voluntary retirement scheme (VRS) has been offered to the workers and staff.
Further, due to recessionary trends still prevailing in malted food industry, the capacity utilisation at the recently commissioned Sonepat plant has been below the forecast level, the release said. The depreciation charge for the quarter on account of Sonepat plant has been Rs 594 lakhs.
According to Mr Simon J Scarff, chairman and managing director, GSKCH, Our strategy to meet the challenges has been to continuously focus on consolidation and augmentation of market share, cost reengineering, management of working capital and curtailment of risk exposure to the business.
The launch of Horlicks on an immunity platform has had a positive impact on the consumers. Despite the sluggish market conditions there is an upward trend in the secondary sales and the market share has improved. Our initiative on restructuring will increase the profitability of the business, Mr Scarff added.
The company recently announced appointment of Mr Nick Massey as the new managing director of the company with effect from November 2002. Mr Massey succeeds Mr SJ Scarff who has been appointed as the non-executive chairman of the Board of Directors.
MTNL HI Net Down 30% To Rs 497 Crore
The government-owned Mahanagar Telephone Nigam Ltd (MTNL) Friday reported a sharp 30 per cent slide in its net profit for the first half of 2002-03 to Rs 497 crore from Rs 710 crore in the same period last year. Income from services was also down from Rs 3,122 crores to Rs 2,964 crore.
For the quarter ended September 30, MTNL posted a net profit of Rs 247 crore against Rs 382 crore in the same period last year. Income during the quarter was down to Rs 1,470 crore from Rs 1,621 crore. Since interconnect agreements of the company with Bharat Sanchar Nigam Ltd and Videsh Sanchar Nigam Ltd were yet to be finalised, the figures may need to be restated.
JCT Posts Rs 1.36-cr Net Profit In Q2
JCT Limited has reported a net profit of Rs 1.36 crore for the second quarter ended September 30, 2002 as compared to a net loss of Rs 9 crore in the corresponding quarter of 2001.
Total income rose to Rs 151.52 crore from Rs 147.68 crore. Profit after interest but before depreciation and tax rose to Rs 8.76 crore from Rs 25 lakh. Interest cost came down to Rs 6.43 crore from Rs 7.86 crore.
For the first six months ended September, net profit stood at Rs 2.51 crore as compared to a loss of Rs 20.75 crore in the corresponding period of 2001. Turnover during the first half this year stood at Rs 289.34 crore as against Rs 289.96 crore in April-September 2001.
Sundaram Clayton Posts Rs 4.95-cr Net
The Chennai-based Sundaram Clayton Ltd on Friday reported a net profit of Rs 4.95 crore (Rs 3.20 crore) on a total income of Rs 77.80 crore (Rs 60.29 crore) for the quarter ended September 30, 2002. The total expenditure of the company stood at Rs 67.24 crore (Rs 52.74 crore). Depreciation was at Rs 2.74 crore (Rs 2.58 crore). Paid-up equity share capital remained unchanged at Rs 18.96 crore.
GTL Net Dips 23.33% To Rs 18.37 Crore
GTL Ltd, a network engineering and IT services company posted a net profit of Rs 18.37 crore for the quarter ended September 30, 2002, a drop of 23.33 per cent from Rs 23.96 crore in the corresponding quarter last year.
The fall in the net profit was primarily attributed to the fall in the other income. The strong rupee to the US dollar led to a foreign exchange loss of Rs 5.43 in Q2 as against a gain of Rs 9.49 crore in the same period of last year.Total income decreased to Rs 140.74 crore from Rs 156.90 crore .The companys net sales and services were at Rs 140.02 crore for the second quarter of the current fiscal a marginal drop of 0.51 per cent from Rs 140.74 crore in the same period last year.
In Q2, income from exports grew marginally to Rs 36.87 crore as against Rs 34.16 crore in the year-ago quarter while domestic sales slipped to Rs 103.15 crore from Rs 106.58 crore.
The net profit for the company for the half year ended September 30, 2002 fell by 18.51 per cent at Rs 41.59 crore as against Rs 51.04 crore last year. The companys net sales & services were at Rs 270.27 for the half year ended September 30,2002 as against Rs 258.86 crore in the corresponding half year. The consolidated net profit for the quarter ended September 30,2002 was at Rs 15.92 crore as compared to Rs 27.36 crore in SQ-01.
Total income has decreased from Rs 161.25 crore in Q2 of Fy 2001/02 to Rs 152.69 crore in the quarter ended September 30,2002.
On the Stock Exchange, Mumbai (BSE) shares of GTL closed down Rs 2.40 at Rs 76.70 to its previous close of Rs 79.10 after opening at Rs 78.80 which also happened to be the days high.
Mukta Arts Net Drops 63% To Rs 1.07 Crore
Mukta Arts net profit dropped sharply by 63.17 per cent to Rs 1.07 crore in the quarter ended September 30, 2002, as compared to Rs 2.90 crore in the corresponding period of the previous year. Total income fell by 86.47 per cent to Rs 3.09 crore, against 22.80 crore during the same period.
We did not have any production in this quarter while in the previous year we released the movie Yaadein. This is why the income has fallen, said Mukta Arts executive director Parvez Farooqui.
The company has sold home video rights of 11 movies to Shemaroo Video in September for Rs 2.5 crore. The company has entered into an agreement for booking and exhibition rights at 3Cs Cinema Hall in Delhi. The theatre is expected to be operational by November 1.
The current accounting year is being extended up to March 31, 2003, and in future Mukta Arts will follow the financial year (April-March) as its accounting year, the company said in a release on Friday.