Bizbits

Cheminor profit zooms 335Hyderabad: Cheminor Drugs Ltd of the Dr Reddy's group has reported an impressive performance for the year ended...

Cheminor profit zooms 335
Hyderabad: Cheminor Drugs Ltd of the Dr Reddy8217;s group has reported an impressive performance for the year ended March 1999 with net profit shooting up nearly 335 per cent to Rs 20.89 crore from the previous year8217;s Rs 4.1 crore. Based on the results, the board of directors recommended a dividend of 30 per cent for the year. The total sales, buyoed by impressive export performance, also jumped significantly to Rs 215 crore, an increase of 38.88 peer cent. Exports went up to Rs 161 crore, an increase of 65 per cent over the previous year8217;s figure contributing almost 75 of the total turnover.

Roofit net rises 42 to Rs 4.14 crMumbai: Roofit Industries announced a 42 per cent jump in net profit to Rs 4.14 crore for the third quarter ended March 31, 1999, after accounting for higher interest charges and depreciation. The turnover of the company rose to Rs 36.63 crore, an increase of 43 per cent over the third quarter period of the previous year. The boardapproved an interim divedend of Rs 2 per share for 1998-99.

Hinduja power project starts work
Mumbai: Hinduja National Power Corporation Limited, a joint venture promoted by the Hinduja group and National Power of the UK, has commenced civil work with the foundation ceremony at the project site. The project comprises of two units of 520 MW each. The first unit is scheduled to be commissioned in 38 months from the date of financial closure and the second unit six months thereafter.

Sumitomo/Hitachi are the EPC contractors of the project. The company started site work in order to achieve substantial progress before the on-set of monsoon. SP Hinduja, chairman of the Hinduja Group, said 8220;we are committed to investments in India and look forward to developing our other projects in the infrastructure sector.8221;

Gulf Oil posts 32 rise in profit
Mumbai: Gulf Oil India, a Hinduja group company that has managed to make a six per cent share of the lube oils market in thecountry, posted a 32 per cent increase in net profit in 1998-99. Its sales turnover showed a modest growth of 4.35 per cent to Rs 261.93 crore from Rs 251 crore in 1997-98. The net profit for the year, however, jumped to Rs 11.46 crore last year from Rs 8.69 crore the year before. During the year, Gulf Oil8217;s capital increased to Rs 10.39 crore from Rs 9.49 crore following the conversion of Part C of its 4.5 lakh cumulative convertible preference shares on April 1 last year.

Thomas Cook Q1 net up 13
Mumbai: Thomas Cook has posted a 13.39 per cent improvement in net profit for the first quarter ended March 31, 1999 at Rs 3.88 crore as against Rs 3.42 crore earned in the corresponding period of the previous year.

Sales for the first quarter also increased by 10.45 per cent to Rs 17.99 crore as against Rs 16.29 crore in the corresponding period of the previous year. But perhaps the most worrying aspect of the results, could well be the squeeze on margins at the operational level, which haveactually dipped from 42.59 per cent to 41.89 per cent.