Moser Baer Posts Rs 55 Cr Net As Revenues Rise 33 %

New Delhi: | Updated: Jul 26 2002, 05:30am hrs
The optical media manufacturer Moser Baer India has reported a 22 per cent increase in its net profit to Rs 55.2 crore in the first quarter ended June 30, 2002, up from Rs 45.3 crore for the corresponding period of the previous year.

The sales of the company have gone up by 33 per cent to Rs 193.1 crore in first quarter of this year, against a Rs 145.1-crore sales revenue in the corresponding quarter of last year.

The company has projected 23-27 per cent growth in its net profit for the entire fiscal 2002-03. Moser baer had posted a net profit of Rs 223.7 crore in last fiscal.

“We maintain our earlier guidance to grow our earnings by 23 to 27 per cent in 2002-03 on the back of robust growth in our recordable compact disk (CD-R) business and expected incremental revenues from the new digital versatile disk (DVD) formats,” said a company press note.

On a quarter-on-quarter (sequential) basis, the company’s revenues decreased marginally by 3 per cent over the previous quarter ended March 31, 2002 due to lower average selling price as a result of higher proportion of bulk disk sales to the US, the company said. The net profit on a sequential basis was also lower by 10 per cent over the previous quarter.

The company claimed that the average prices had remained stable from the end of the quarter ended March 31 2002. However, effective average realisation for the company fell 6.5 per cent due to a reduction in sales of fully packaged disks and increasing proportion of bulk disk sales as a result of higher sales in the US Market.