Bizbits

Apollo Tyres net up 162NEW DELHI: Apollo Tyres has reported a 162 per cent rise in net profit to Rs 8.98 crore during the first quarter ...

Apollo Tyres net up 162

NEW DELHI: Apollo Tyres has reported a 162 per cent rise in net profit to Rs 8.98 crore during the first quarter ended June. Turnover has shot up 94 per cent to Rs 326.49 crore. Net profit in the first quarter of 1998-99 was Rs 3.43 crore on a turnover of Rs 168.97 crore.

Profit before depreciation and tax stood at Rs 16.23 crore against Rs 9.48 crore in the first quarter of 1998-99. Total expenditure rose to Rs 300.33 crore from Rs 144.53 crore. Interest cost was lower at Rs 11.72 crore compared with Rs 15.40 crore in the first quarter of 1998-99. Depreciation was higher at Rs 6.25 crore against Rs 5.65 crore.

Eicher Motors achieves turnaround

NEW DELHI: Eicher Motors Ltd, manufacturer of light commercial vehicles, has reported a profit after tax of Rs 44 lakh on a turnover of 58.37 crore for the first quarter ended June. The company had suffered a loss of Rs 66 lakh on a turnover of Rs 46.74 crore in the first quarter of 1998-99. Gross profit after interest butbefore depreciation and tax stood at Rs 1.65 crore in the first quarter ended June 1999 as against Rs 28 lakh in the corresponding quarter of 1998-99.

Exim Bank signs MoU with Nabimia body

MUMBAI: Export-Import Bank of India on Thursday signed an MoU with Offshore Development Company ODC of Namibia on a Rs 20 crore Exim Bank line of credit. Exim Bank8217;s credit will facilitate import of capital goods industrial manufactures and related services by Namibian services from India. Under this, the Namibian importers will make advance payment of 10 per cent of contract value and credit will be provided by Exim bank for 90 per cent of contract value to ODC. Indian exporters will be reimbursed by Exim Bank in rupees on shipment of goods to Namibia.

Otis reports 45.35 pc drop in net profits

MUMBAI: Otis Elevator Company India Ltd has reported a steep 45.35 per cent fall in its net profit to Rs one crore in the quarter ended June 30, 1999, from Rs 1.83 crore in the corresponding period last year.The net profit has come down mainly on account of the company8217;s providing Rs 5.17 crore for voluntary retirement schemes VRS, according to the company8217;s unaudited financial results for the April-June 1999 period released here today. The company8217;s sales have increased by seven per cent to Rs 44.44 crore in the quarter from Rs 41.36 crore in the same period last year.