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Indal sales dip 7, net up 3 MUMBAI: Indian Aluminium Company Limited Indal today reported a three per cent increase in its net profit...

Indal sales dip 7, net up 3

MUMBAI: Indian Aluminium Company Limited Indal today reported a three per cent increase in its net profit to Rs 23.06 crore despite a seven per cent decline in sales at Rs 249.14 crore for the quarter ended September 30, 1999 as against the corresponding period last year. The board of directors of the company have declared an interim dividend of Rs 2.50 per share as against Rs two per share being given during the past few years. For the half year ended September 30, 1999, it recorded a five per cent increase in its net profit at Rs 40.60 crore on a seven per cent fall in sales at Rs 462.40 crore, against the same period last year.

IOC posts 18 pc rise in H1 net profit

MUMBAI: Indian Oil Corporation IOC today announced a 17.94 per cent rise in its net profit for the first half H1 of the fiscal ending September at Rs 1634.57 crore on a turnover of Rs 40,637.80 crore. The turnover of the corporation during the first half of the current fiscal rose by 19per cent compared to Rs 34,052.39 crore in the same period last year. IOC8217;s net profit in the second quarter was 24 higher at Rs 987.80 crore compared to Rs 795.97 crore year-ago.

Hind Lever Chemicals net up

MUMBAI: Hind Lever Chemicals Ltd today reported over a three fold growth in net profit at Rs 6.5 crore for third quarter ended September 1999 as against Rs 1.5 crore during the same period last year. During this period, the company reported a 67 per cent rise in turnover at Rs 369. 5 crore. The increase in turnover was due to higher volumes of imported di-ammonium phosphate DAP, it said, adding price concession on phosphatic fertilisers for the quarter has been accounted as per the government notification effective April 1, 1999. For the nine months ended September 1999, the company posted a net profit of Rs 18.5 crore against Rs. 13.2 crore last year.

Central Bank body opposes Verma report

MUMBAI: The Central Bank Officers8217; Union, Mumbai, has opposed the recommendations of theVerma Committee aimed at a turnaround of the weak banks. 8220;It is a well known fact that these banks are suffering from operation losses on account of the huge unrecovered bad debts which have been accumulated due to various reasons including political intervention anddefaults by borrowers,8221; it said in its 5th biennial conference. 8220;The only solution for the real turnaround of these weak banks to better profits is to take necessary remedial and corrective measures for recovery of interest if not the principal loan,8221; a bank union release said.