Canara Bank Plans IPOVoltas profit dips 57% to Rs 5.49 crMUMBAI: Tata group company, Voltas has reported a 57.07 per cent dip in net profit to Rs 5.49 crore for the financial year ended March 31, 2000 from Rs 12.79 crore reported in the previous year. However, its operating profit (before tax and extraordinary items) went up to Rs 6.9 crore against a loss of Rs 11.92 crore in 1998-99.The board of directors have declared an interim diviend of Rs 1.20 (12 per cent) per share of Rs 10 for the year 1999-2000. The previous year's net profit was primarily on account of a Rs 26.03 crore extraordinary income from the sale of the white goods division.A Voltas release attributed the drop in net profit in fiscal 2000 to extraordinary expenses including diminution in value of investments, net loss on sale of long-term investments and amortisation of VRS expenses of Rs 11.08 crore spread over three years.
