C&G profits move down

Mumbai, May 15: The net profit of Crompton Greaves has dropped to Rs 21.52 crore during the year ended March 1998 from Rs 30.76 crore last year. The board of directors have maintained the dividend at 25 per cent, absorbing Rs 13.05 crore after considering the pro-rata dividend on shares allotted on March 1, 1998, consequent to the amalgamation of Goa Electicals and Fans and the Kersons Manufacturing company of India respectively.

The company has acheived a turnover of Rs 1583.53 crore during the year against Rs 1508.81 crore.

Gross profit before interest declined to Rs 126.06 crore from Rs 140.52 crore.

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The provision for depreciation amounted to Rs 39.26 crore (Rs 32.13 crore) and for taxation Rs 1.10 crore (Rs 3.50 crore).

Exports for the year were Rs 227.56 crore (including deemed exports of Rs 76.93 crore) against Rs 154.91 crore (Rs 82.76 crore) for the previous year, an whopping increase of 47 per cent.