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This is an archive article published on May 4, 1999

Videocon net profit up 6.7

MUMBAI, MAY 3: Consumer durable giant Videocon International has reported a 6.7 per cent growth in net profit in the year 1998-99 at Rs 1...

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MUMBAI, MAY 3: Consumer durable giant Videocon International has reported a 6.7 per cent growth in net profit in the year 1998-99 at Rs 132.07 crore, compared to Rs 123.83 crore in the previous year.

The total turnover of the company during the year was Rs 2434.52 crore as against Rs 2107.76 crore in the previous year, according to the results declared by the company today. The total expenditure went up by Rs 287 crore during the year from Rs 1784.60 crore in 1997-98, while the tax outgo was also higher during the year at Rs seven crore from the previous year8217;s Rs 4.50 crore.

The company is spending Rs 1.25 crore on making its systems Y2K compliant by September 30, 1999, it said.

Meanwhile, the company8217;s consumer electronics division, Videocon Appliances has posted a 2.1 per cent rise in its net profit at Rs 28.24 crore for 1998-99 as against Rs 27.66 crore in the previous fiscal.

The net sales of the company has gone up by 23 per cent to Rs 634.09 crore in 1998-99 from Rs 515.36 in 1997-98, a companystatement said.

The total expenditure of Videocon Appliances during 1998-99 increased to Rs 509.22 crore from Rs 410.08 crore in the previous financial year, the statement added.

 

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