MUMBAI, JULY 20: Siemens Ltd has turned corner by posting a Rs 1.82 crore net profit for the third quarter ended June 1999 as compared to a net loss of Rs 15.26 crore recorded in the same quarter of 1998. ``We are hopeful that by the end of 1999, Siemens' Indian operations will break even,'' Jurgen Schubert, managing director, said here today. Turnover for the nine-month ended June 30 1999 was Rs 660 crore.In order to raise resources, the company is launching a rights issue and fixed a price of Rs 200 per share. The engineering major said it will be issuing 7,099,250 new equity shares at Rs 200 each (including a premium of Rs 190 per share) amounting to Rs 142 crore for the proposed rights issue. The rights will allotted in the ratio of one share for every four shares held.Siemens is a subsidiary of Germany's Siemens AG. The Indian subsidiary manufacturers household appliances and electrical equipment. The company's scrip shot up to Rs 287.55 on the BSE on Tuesday. The company plans to come out with therights issue in September this year.For the nine months ended June 30, the company has reduced its losses to Rs 3.82 crore from Rs 56.02 crore in the corresponding period last year, according to the unaudited results released by the company here today.It said the improved performance of the company was a reflection of the restructuring activities undertaken by it. The total turnover during the third quarter stood at Rs 206.82 crore, up 18 per cent from the corresponding quarter the previous year. Contributors to the turnover were the projects, power transmission and distribution and standard products businesses, the company statement said.Siemens received new orders valued at Rs 94.57 crore in the nine months ended June 30 1999, as compared to Rs 58.59 crore in the same period last year, showing a 61 per cent rise. The new order position in the third quarter stood at Rs 31.64 crore.``The results are in line with our projections and all our actions are directed towards achieving the turnaround bythe end of this fiscal,'' Schubert said.
