Tags:
Journalism of Courage
PUNE, JULY 26: Hoganas India Limited has announced a dividend of 40 per cent for the year 1998-99. The company’s sales increased from Rs. 23.98 crore last year to Rs. 27.94 crore for the year 1989-99 recording a rise of 17 per cent. Gross profit before interest and depreciation touched Rs. 5.45 crore, while depreciation for the year stood at Rs. 1.08 crore and interest costs have come down to Rs. 35 lakh (Rs 41 lakh), a decrease of 15 per cent. Tax provision stood at Rs. 1.17 crore (Rs. 130 crore). The profit after tax also marginally increased to Rs. 2.84 crore (Rs. 2 76 crore) registering an increase of 3 per cent.
Managing director V K Sud at the 13th annual general meeting of the company mentioned that the company growth was satisfactory despite the slow-down in the Indian industry and particularly the automotive sector. This was mainly possible due to the diversification of the end applications of iron powders. The company commenced export of alloy powders to its parent plant Hoganas AB. Total exports touched Rs. 3.64 crore as compared to Rs. 2.30 crore, recording a rise of 58 per cent.
An additional annealing furnace has been imported from Hoganas AB during March 1999 which is scheduled to be commissioned by June 1999. With the commissioning of this annealing furnace, the installed capacity will soon reach 18000 metric tonnes per annum.
