E Merck profits decline

MUMBAI, April 27: E Merck (India) has registered a 37.72 per cent decline in net profits for the quarter ended March 31, 1999 at Rs 1.75 ...

MUMBAI, April 27: E Merck (India) has registered a 37.72 per cent decline in net profits for the quarter ended March 31, 1999 at Rs 1.75 crore as against Rs 2.82 crore in the corresponding period of the previous year. The decline is essentially due to payments of Rs 2.76 crore made towards a voluntary retirement scheme (VRS) and a provision for gratuity of Rs 62.50 lakh during the quarter.

Sales for the quarter, however, increased by 13.39 per cent to Rs 61.54 crore as against Rs 54.27 crore in the corresponding period last year.

During the quarter, 124 employees left the company after opting for the VRS, subsequent to the closure of the chemical production division at the Taloja factory. The proportionate share of the VRS expenses for this quarter has been debited accordingly, the company said.

Story continues below this ad

Total expenditure and interest for the period stood at Rs 57.47 crore and Rs 99.39 lakh, while depreciation was higher at Rs 1.70 crore. Provision for taxation was Rs 65.02 lakh and has been taken based onanticipated profits for the current year. Other income almost doubled to Rs 1.02 crore from Rs 52.06 lakh in the previous year.

The company is in the process of achieving Y2K compliance in all the computerised and embedded systems. The company does not envisage any serious threat to its business activities due to the Y2K problem. The total cost of the Y2K compliance plan will be Rs 40 lakh. The company also has contingency plans in the event of a system breakdown/ failure due to the Y2K problem.

Sources in the LJP (RV) said the names of the remaining 15 candidates would also be announced very soon.

Bihar polls: Chirag Paswan’s LJP (Ram Vilas) announces first list of 14 candidates

India2 hr ago

Lok Janshakti Party (Ram Vilas) announced its first list of 14 candidates for the Bihar assembly polls, with its state unit chief Raju Tiwary and leader Hulas Pandey among the nominees. As per the seat-sharing arrangement, LJP (RV) will contest 29 seats, while BJP and JD(U) will contest 101 seats each. The remaining 15 candidates will be announced soon.

View all shorts

Live Blog

PHOTOS