Corporate Briefing

Harrisons Malayalam logs 118 rise in net: The Tea plantation major Harrisons Malayalam has recorded a 118 per cent increase in its net profit to Rs 13.24 crore, against a turnover of Rs 191.89 for the year ended March 31, 1998. While the total turnover rose 28 per cent from Rs 149.70 crore during 1996-97 to Rs 191.89 crore during the period, the net profit rose to Rs 13.24 crore from Rs 6,06 crore during the same period.

Heavy industry PSUs output declines in May:Mirroring the reduced growth rate of overall industrial production, output from 25public sector undertakings under the department of heavy industry fell 7 per cent during May, compared with a year ago. The overall output from these industries was worth Rs 611 crore during the month against Rs 660 crore in May last, according to the data released by the industry ministry on Friday. The decline was a result of 20 public sector undertakings not being able to meet their targets, the data showed.

Gammon India net up to Rs 7 cr: Gammon India has reported a net profit of Rs 7.01 crore, up from Rs 4.55 crore in the previous year. Sales increased to Rs 215.66 crore from Rs 180.08 crore. The board of directors has recommended a dividend of Rs 3.50 per share.

Vikrant Tyres net at Rs 16 crore: The Mysore-based Vikrant Tyres has reported a net profit of Rs 16.46 crore for the year ended March 31, 1998, a turnaround from the loss of Rs 5.35 crore in the previous year. Net sales and other income went up to Rs 375.76 crore, marginally higher than Rs 360.50 crore. Exports grew 14 percent to touch Rs 73.26 crore.

Computech International net at Rs 5 crore:Computech International has posted a net profit of Rs 4.98 crore for the year ended March 31, 1998, up from the previous year8217;s Rs 3.75 crore. Total income was Rs 66.43 crore, compared to Rs 45.88 crore, a jump of 45 per cent. The board of directors has recommended a dividend of Rs 1.25 per share. Exports turnover jumped by 86 per cent to touch Rs 16 crore.

Torrent Gujarat Biotech losses at Rs 18 cr:Torrent Gujarat Biotech Ltd has registered pre-financial losses of Rs 18.43 crore during 1997-98. The loss is essentially owing to a drop in sales and a 11 per cent decline in penicillin G output owing to low yields and a 19-week restriction in production imposed by the Gujarat high court. Net losses for the year was Rs 56.74 crore, after accounting for interest and depreciation. Sales fell 30 per cent to Rs 67.79 crore, chiefly owing to a steep reduction of 35 per cent in the average per unit sales realisation ofPen-G.

Knoll Pharmaceuticals ties up with Lenbrook Pharma: Knoll Pharmaceuticals has entered into an arrangement with Lenbrook Pharma, its wholly owned subsidiary, for the promotion of products in the area of neuropsychiatry CNS, nutrition and cough and cold. To begin with, Lenbrook will promote CNS brands like Prothiaden, Eptoin and Epilex. Lenbrook will also provide services like research updates, patient-care literature to medical fraternity.

Durgapur plant affected: Production in all mills of Durgapur Steel Plant was affected and equipment damaged8217; during the 24-hour industrial strike called by central trade unions on Wednesday. DSP, which recorded only 30 per cent attendance, had to put off one blast furnace and shut down one mill, while production in all other mills of the plant was hit, sources said.

Singapore port invites shippers: PSA C.corporation, formerly port of Singapore authority, has expressed its willingness to cooperate with shipping firms to improve containertraffic in the country. PSA, which owns and operates the world8217;s largest container terminal, was looking forward to receiving more Indian ships marketing manager John Ong, said.

Chennai port congestion charge: The congestion charge imposed by the Chennai port is beginning to hurt exporters. Following a strike by workers last month, there has been tremendous congestion at Chennai Port. The management has given in to the workers demand for stacking containers two high from four high. The congestion has led to feeder lines hiking charges by 100 a container. FIEO has estimated the loss to be 50,000.

Indo Gulf first quarter results on July 15:Indo Gulf Fertilisers amp; Chemicals Corporation Ltd, the Aditya Birla group company, will declare on July 15 its unaudited financial results for the quarter ended June 30 1998. A meeting of the board of directors is convened on Wednesday July 15, to consider the results.

Tamil Nadu to take revenue recovery steps for wages, says union: The TamilNadu government has promised to take revenue recovery proceedings against Dunlop India Ltd to secure wages for the firm8217;s Ambattur unit workers, the tyre factory8217;s labour union said on Friday.

A clarification: The illustration accompanying the July 2 article on JNPT inadvertently referred to another domestic port. The error is regretted.