Bombay Dyeing net profit falls

MUMBAI, June 17: Bombay Dyeing & Manufacturing Company, the flag ship of the Nusli Wadia group, has reported a 35.5 per cent fall in net...

MUMBAI, June 17: Bombay Dyeing & Manufacturing Company, the flag ship of the Nusli Wadia group, has reported a 35.5 per cent fall in net profit to Rs 23.02 crore for the year ended March 1998 against Rs 35.7 crore during the previous year.

Net sales declined to Rs 906.64 crore from Rs 989.59 crore, down 8.4 per cent. The board has recommended a dividend of Rs 3.5 per share. The fall in net profit is owing to dumping of purified-terephthalic acid (PTA) by countries in south-east Asia, resulting in severe pressure on dimethyl terephthalate (DMT) prices, says a release.

The situation was aggravated by a production loss at the DMT plant owing to a major fire in the first half of 1997-98, the release adds. The plant, however, started running at full capacity in the second half. Gross profit before interest and depreciation moved down to Rs 136.7 crore from Rs 186.71 crore. Other income dropped to Rs 117.5 crore (Rs 143.9 crore). Interest declined to Rs 63.53 crore from Rs 103.76 crore. The company has providedRs 2 crore for tax. The company’s average paid-up equity-share capital stood at Rs 40.86 crore. Reserves and surplus were at Rs 638.11 crore, compared with Rs 643.62 crore.

‘Given stale food, locked up’: Truck cleaner on ‘abduction’ horror at Khedkar residence

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A truck cleaner in Navi Mumbai was rescued by the police after being abducted by the father of a sacked IAS officer. The victim was held captive, given stale food, and threatened with murder. The accused demanded compensation for their damaged car and threatened to kill the victim if not paid. The accused have been charged with extortion and destruction of evidence.

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