Bizbits

Britannia net up 34
MUMBAI: The net profit of Britannia Industries for the quarter ended June 1998 is up by 34 per cent to Rs 8.65 crore against Rs 6.45 crore same period last year. Sales have increased by 27 per cent Rs 234.82 crore from Rs 185.06 crore. The gross profit is higher 40 per cent to Rs 16.35 crore against Rs 11.70 crore in the corresponding period of last year. The provision for depreciation is higher at Rs 3.72 crore Rs 2.40 crore on account of ongoing expenditure on industrial restructuring.

Digital
MUMBAI: The directors of Digital Equipment have maintained the dividend at 15 per cent for the year ended June 27, 1998. Total turnover and other receipts amounted to Rs 353.83 crore Rs 284.13 crore and it earned a slightly lower gross profit before interest of Rs 43.73 crore Rs 44.21 crore. The net profit, however, amounted to Rs 27.38 crore Rs 25.24 crore mainly due to lower tax liability of Rs 8.85 crore Rs 13.44 crore.

ADB loan
GANDHINAGAR: Anadditional loan of 150 million for the infrastructural development in Gujarat from the Asia Development Bank ADB is expected to sanctioned by December 1998. According to official sources, the ADB had promised to give a loan of 1000 million in phases for the development in infrastructure like power and road construction in Gujarat, of which the state had already received 100 million in 1996 and utilised it. Sources also said that the government was seriously considering the privatisation of Gujarat Industrial Investment Corporation GIIC, Gujarat Tractor and Gujarat Communication Electronic GCE. In GIIC, 26 per cent share would be taken by ICICI, HDFC and another company.