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Journalism of Courage
Mumbai, May 25: Air-Conditioning major Voltas Ltd has posted a net profit of Rs 12.8 crore for the year ended March 1999 on the back of a hefty extra-ordinary income of Rs 26 crore, and declared a dividend of 12 per cent for the year. The company has reported a loss of Rs 9.5 crore during 1997-98 when the extra-ordinary income was only 0.9 crore, Voltas said in a statement after its board meeting here today.
Sales and other income in 1998-99 looked down at Rs 1329.3 crore against Rs 1544.2 crore the previous year. Extra-ordinary income NET included profit from sale of undertakings, net profit from sale of shares, provision for diminution in the value of shares and excise claims of past years, the company said.
Depreciation was down to Rs 20.5 crore during the year, against Rs 25 crore during the previous year, it said, adding, however, taxation expenditure has gone up to Rs 1.3 crore from Rs 0.2 crore the previous year.
8220;In view of restructuring that has taken place, the previous year8217;s figures arenot strictly comparable,8221; it said. The company is in the process of upgrading the hardware to ensure Y2K compliance, it said adding incremental costs in meeting it would not exceed Rs 0.5 crore.
The company recorded a net extra-ordinary income of Rs 26 crore during the year, which arose from sale of white-goods division to its joint venture with Electrolux, divestment of the chemicals division to group company Rallis India, and sale of Merind shares to pharma major Wockhardt. The company8217;s gross extra-ordinary income stood at Rs 63 crore while extra-ordinary expenses aggregated to Rs 37 crore.
Cash profit more than doubled to Rs 34.6 crore from Rs 15.7 crore last year, while profit before tax leaped to Rs 14.1 crore against a loss of Rs 9.3 crore in the previous fiscal.
