Bizbits — Essar Oil net up, pays 10%

MUMBAI -- Essar Oil has earned a net profit of Rs 42.46 crore in 1996-97, up by 15 per cent from Rs 36.89 crore in the previous year. Total...

MUMBAI — Essar Oil has earned a net profit of Rs 42.46 crore in 1996-97, up by 15 per cent from Rs 36.89 crore in the previous year. Total income for the year was Rs 325.97 crore, including profit on sale of assets of Rs 84.47 crore. The contract income of Rs 211 crore is down from Rs 280 crore. This is mainly due to the steep decline in the offshore construction activity along the Indian coast.

The board has proposed a dividend 10 per cent. The company has chalked out a strategy to become a fully integrated oil major with upstream activities of exploration and production and downstream activies of refining and marketing.

NRC profit dips

MUMBAI — NRC Ltd has reported decline in profits for the year ended March 1997. The gross profit before interest and depeciation declined to Rs 30.14 crore from Rs 31.41 crore last year. The directors have recommended dividend of 15 per cent (including golden jubilee dividend of 5 per cent) against 25 per cent last year.

Story continues below this ad

After providing for interest of Rs 17.65 crore (Rs 15.31 crore) and depreciation of Rs 7.75 crore (Rs 4.60 crore), the net profit before tax amounted to Rs 4.74 crore against Rs 11.65 crore last year.

NEPC turnover

MUMBAI — NEPC India has reported a sharp decline in turnover and profit for 1996-97. The turnover was lower at Rs 437.55 crore as against Rs 729.37 crore in 1995-96, a 40 per cent fall. Higher operating expenses, interest, depreciation and tax provision resulted in the net profit plunging by 54 % to Rs 45.98 crore when compared to Rs 99.40 crore posted in the previous year.