Bizbits

During the year, income from operations amounted to Rs 881.02 crore Rs 788.19 crore, gain on sale of ships/barge at Rs 34.03 crore Rs 9.56 crore and other income at Rs 49.05 crore Rs 80.32 crore.

The company has earned a higher gross profit before interest of Rs 420.58 crore Rs 352.99 crore. Depreciation will absorb Rs 155.81 crore Rs 125.51 crore and interest at Rs 65.04 crore Rs 69.06 crore. A provision of 27 crore Rs 25 crore has been made for taxation for the year. Despite a sluggish real estate market, theproperty division of Gesco reported a 16.2 per cent jump in operating profit at Rs 24.8 crore Rs 21.3 crore.

Institutional sales, strict cost control measures and acceleration in completion of projects were mainly responsible for better performance of the property division. The shipping division of Gesco accounts for 70 per cent Rs 312.8 crore of the total operating profit. The offshore division represents 13 per cent, property development six per cent and the remaining Rs 11 per cent.

Mah Scooters profits decline

MUMBAI: The net profit of Maharashtra Scooters during the year ended March 1998 declined to Rs 14.74 crore from Rs 15.75 crore last year due to lower sales and other income of Rs 275.84 crore against Rs 293 crore in the previous year. The directors have recommended a dividend of 20 per cent for the year on the enhanced capital against 40 per cent paid last year.

The production and sales during the year could not be maintained at the levels of the previous year due to thelacklustre market conditions, which prevailed in the scooter industry during the major portion of the year. The market in the current year also has not shown any particular buoyancy so far. The company suffered a 6 per cent drop in the production of scooters from 154,356 nos during the previous year to 145,016 nos during the year.