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Saturday,
January 19, 2002, Chandigarh, India  
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HP move to
maintain 25 pc stake in Nathpa project |
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ROUND-UP IBM revenue falls by 11 per cent
Kinetic
to export mobikes to Europe Microsoft
net profit drops to $ 2.28 b Textile
experts submit report to Vajpayee Nabard
holds workshop on agriclinics
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Wipro’s profit grows poorly Bangalore, January 18 Net profit rose to Rs 223.6 crore for the quarter compared to Rs 216.5 crore for July-August of 2001, up 3.3 per cent. Revenues also declined marginally to Rs 875.9 crore from Rs 877.6 crore, growing at a negative 0.2 per cent. "Our results for the quarter were in line with our expectations in an environment of enhanced economic turbulence", the Bangalore-headquartered company’s Chairman Azim Premji told reporters here. Asked about the impact of September 11 on the company’s performance, its Vice-Chairman Vivek Paul said: "September 11 is history. There has been no residual impact. But the impact came from technology recession in the USA and rest of the world. Telecom and internet business continue to drive us down". Paul said the decline in the telecom and internet business was 23 per cent in the last quarter as against the 10 per cent fall projected by the guidance issued by them. Compared to Oct-Dec of 2000, the company’s net profit has recorded a 17.4 per cent rise and revenues by 12 per cent. For nine months ending December 31, 2001, Wipro’s net profit rose by 44 per cent year-on-year to Rs 650 crore and revenue by 18 per cent year-on-year to Rs 2,550 crore. Morepen net up Morepen Laboratories Ltd today reported an increase of 11.58 per cent in net profit at Rs 24.66 crore in the quarter ended December 31, 01. The company’s turnover jumped by 10.34 per cent to Rs 122.33 crore from Rs 110.86 crore in the corresponding period previous year. Morepen’s net profit in the nine months period ending December 31, 01 also jumped by 12.58 per cent to Rs 358.85 crore as against Rs 320.57 crore. BASF net rises BASF India Ltd has posted a net profit of Rs 80.70 million for the quarter ended December 31 as against Rs 59.70 million for the same period last fiscal. Net sales were at Rs 1,291.80 million for the reporting quarter as compared to Rs 933.20 million for
the corresponding quarter last year. Exide net soars Exide Industries Limited has reported a net profit of Rs 77.50 million for the quarter ended December 31 as compared to Rs 68.70 million for the corresponding last fiscal. Total income for Q3 was Rs 1,963.40 million as against Rs 1,734.10 million in the same period last year. Sierra net falls Sierra Optima Limited has posted a net loss of Rs 4.61 million for the quarter ended December 31 as against a net profit of Rs 30.40 million for the same period last fiscal. Income from operations was at Rs 44.59 million in Q3 as against Rs 103.60 million in the corresponding period last year. Siemens net up Siemens Limited has registered almost 20 per cent increase in its first quarter net profit at Rs 19.01 crore against Rs 15.87 crore in the corresponding quarter ending on
December, 2000. Net sales shot up to Rs 260.30 crore from Rs 222.54 crore whereas lease and other income stood lower at Rs 22.68 crore against Rs 23.16 crore last year. Included in lease income was Rs 6.9 crore on account of sale of investment, company said. Total expenditure increased to Rs 249.88 crore from Rs 220.89 crore after which operating profit stood at Rs 33.11 crore against Rs 24.83 crore last year. Interest charges were brought down substantially to Rs 0.10 crore from Rs 0.39 crore leaving gross profit of Rs 33 crore (Rs 24.43 crore last year). Depreciation charges stood lower at Rs 6.39 crore against Rs 7.56 crore whereas provision for taxation increased to Rs 7.60 crore from Rs one crore last fiscal. Vanavil net down Vanavil Dyes and Chemicals Ltd, a subsidiary of Colour-Chem Ltd, has reported a 88.16 per cent decline in net profit at Rs 16.23 lakh for the third quarter ended December 31, 2001, compared to Rs 1.37 crore in same period of previous fiscal. Net sales/income from operations in reporting quarter was also lower at Rs 8.90 crore as against Rs 15.78 crore in Q3 of last year. Other income in Q3 was at Rs 89.57 lakh (Rs 1.28 crore in Q3 of last year).
Agencies |
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ITC net profit up by 12.46 pc Kolkata, January 18 The net profit during the quarter stood at Rs 259.23 crore against Rs 221.60 crore in the same quarter last year while net sales turnover stood at Rs 1195.27 crore against Rs 1107.97 crore last year, the official said after a board meeting to consider quarterly results. The rate of growth in net profit during the third quarter was considerably lower compared with a growth of 28.97 per cent recorded in the second quarter over the previous fiscal. “It appears that imposition of ban on smoking in public places has started showing impact on ITC’s performance,” CSE brokers said. The company’s net profit during the second quarter of the current fiscal was Rs 333.61 crore and net sales was Rs 1102.42 crore. The cumulative net profit for the current fiscal (9 months) now stands at Rs 893.51 crore showing an increase of 22.43 per cent over Rs 729.19 crore last year. Till Q2, its net profit was up by about 25 per cent over previous fiscal’s Q2. ITC’s other income during the quarter also declined to Rs 27.67 crore from Rs 28.03 crore while total expenditure shot up to Rs 754.72 crore from Rs 717.10 crore last year. The major contributors to total expenditure were consumption of raw materials amounting to Rs 484.37 crore (Rs 472.47 crore) and staff cost to Rs 69.62 crore (Rs 61.71 crore). Other expenditure under the head, however, stood lower at Rs 218.04 crore from Rs 222.26 crore. Another positive feature of the company was its ability to reduce interest charges by 54.29 per cent to Rs 11.46 crore from Rs 25.07 crore in the same quarter of previous fiscal. Gross profit stood higher by 16.57 per cent at Rs 416.49 crore against Rs 357.29 crore last year whereas provision for taxation increased to Rs 157.26 crore from Rs 135.69 crore in the corresponding quarter last fiscal.
PTI
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HP move to maintain 25 pc stake in Nathpa project Shimla, January 18 The proposal was mooted after the efforts of the state to get funds directly from the Centre had failed. The state which is raising loans from the market to pay salaries of employees was in no position to contribute its equity share in the 1500-MW project, the cost of which had more than doubled during the period of execution. The Himachal Government could contribute only Rs 528 crore all these years as against its equity share of Rs 958 crore. Now that the cost of project has been further revised to Rs 9,169 crore, its share has gone up to Rs 1,146 crore. Thus the state will have another Rs 618 crore to retain its 25 per cent equity participation, which was beyond its means. It has already approached the NJPC management with the proposal to raise loan on its behalf to maintain its equity share. Mr Harsh Gupta, the Chief Secretary, is confident that the corporation will not have any problems in raising the required funds. The corporation can easily recover the amount once the project was commissioned. Besides 25 per cent share, the state will also get 12 per cent free power as royalty. Thus with a total share of 37 per cent in the power generated at its disposal, there will be no problem of repayment of loan. With the World Bank suspending its loan due to inordinate delay in the completion of project and the increase in cost, the corporation will have to arrange additional loans. As such it may not be easy for it to raise loans on behalf of the state. The government can, however, use the 480 MW Rampur project, which was to be executed by the NJPC, to pressurise it. The draft implementation agreement for the project is being finalised these days. The state will not have any equity participation but it wants a specified number of employees from state electricity board to be taken on deputation by the corporation. |
IBM revenue falls by 11 per cent Armonk, N.Y., January 18 IBM — which sells everything from PCs to giant mainframe computers, to software — said its revenue declined to $22.8 billion, down 11 per cent from the $25.6 billion booked during the year-earlier quarter. Analysts had expected earnings of $1.32 per share within a range of $1.22 to $1.37 per share, according to research firm Thomson Financial/First Call.
Reuters GE earnings rise 9.7 per cent NEW YORK:
General Electric Co. on Thursday said fourth-quarter profits rose despite lower revenue as strength in the power systems and capital services segments offset the effect of a weak economy. GE, reported fourth-quarter earnings of $3.93 billion, or 39 cents per share. That was up 9.7 per cent versus the $3.59 billion, or 36 cents per share, posted a year ago.
Reuters Enron sacks Arthur Andersen HOUSTON:
Enron has said it had fired Arthur Andersen as its external auditor as the financial scandal over the company’s demise gathered pace. Enron Chief Executive Kenneth Lay said in a statement his company had decided to sack Arthur Andersen before it had even completed a study of its accounting. Enron would immediately begin the selection process for a new external auditor, he said. On Tuesday, Arthur Andersen fired a lead partner in charge of the Enron audit, David Duncan, saying he had destroyed masses of related documents after hearing regulators wanted the information.
AFP Ford records $ 5.07 b loss DEARBORN, MICH:
Ford Motor Co on Thursday reported a net loss of $ 5.07 billion for the fourth quarter of 2001, as it braced for a restructuring, including tens of thousands of job cuts and the closing of at least five North American plants in a bid to return to profitability. The fourth-quarter loss compared with a net profit of $ 1.1 billion in the same period a year earlier. It closed the books on a horrific year for the world’s second-largest automaker, which posted its first annual loss since 1992 due to problems, including the Firestone tire crisis, poor quality, costly recalls and a heated incentives was amid the US economic slowdown.
Reuters
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Kinetic to export mobikes to Europe New Delhi, January 18 The motorcycle, made as part of the ‘GF’ series with technology from South Korea’s Hyosung Motor Co, is currently manufactured in 125cc engine capacity which would be supplemented with a 150cc model by March this year. “We will start exporting the ‘GF’ motorcycle to Germany, Indonesia, Turkey, Argentina and Mexico within the next three months. These will be sold under the ‘Kinetic’ brand name through the existing dealership network of
Hyosung,” Firodia told PTI in an interview here. KEL expects to export 10,000 motorcycles in the first year, he said, adding the Korean company would receive commission on the motorcycles
sold. Firodia said the exports were part of Hyosung’s plan to make India a sourcing base due to low production
costs. KEL also manufactures the indigenously-developed ‘Challenger’ motorcycle. It is also launching a 100cc model ‘Boss’ this week. During April-December this fiscal, the company has sold 32,291 motorcycles in the domestic market and 588 units of the ‘Challenger’ in overseas markets. Besides motorcycles, another Kinetic Group firm, scooter maker Kinetic Motor Company
(KMCL) will soon start exports of the 115cc scooter ‘Nova’ which is likely to be launched in India by March and globally by April 2002. “Exports of the ‘Nova’ will start within six months of its launch,” Firodia said, adding
KMCL, which exports scooters to Europe, Africa, America and South Asia, has so far exported over 17,000 scooters to the united states. During April-December, KMCL sold 85,651 scooters like ‘ZX’ and ‘Marvel’ in the domestic market besides exporting 3,072
units. KEL Joint Managing Director Sulajja Firodia Motwani had earlier said that the company has targetted to increase scooter and scooterette sales to 1.6 lakh units during the current fiscal and 2.5 lakh units during the
next. KEL is also planning to launch a 250cc motorcycle in next 18-24 months and a 150cc and 175cc cruiser motorcycle by this year-end as part of its aggressive entry plans into the motorcycles market.
PTI
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Microsoft net profit drops to $ 2.28 b Seattle, January 18 For its second fiscal quarter ended December 31, Microsoft posted a net profit of $2.28 billion, or 41 cents a share, compared with $2.62 billion, or 47 cents a share a year earlier. Excluding the legal charge of $660 million, or 8 cents a share, Microsoft would have seen a profit of $2.94 billion, or 49 cents a share. That figure topped analyst expectations, which were for a penny or two above the company’s official guidance of a profit of 41 or 42 cents a share. Revenue was $7.78 billion, up 18 per cent from $6.5 billion a year earlier, and surpassing the company’s official guidance of $7.1 billion to $7.3 billion. "Our results were really quite strong with Windows XP and Xbox. Both have performed tremendously well,’’ Chief Financial Officer John Connors said. Although Microsoft’s proposed consumer class action settlement to supply schools with $1 billion of software and services was rejected by a federal judge, Connors said accounting rules required the company to include the effects of its proposal. For the third quarter, Microsoft gave guidance for an operating profit of $2.8 billion to $2.9 billion, or 50 to 51 cents a share, on revenues of $7.3 billion to $7.4 billion.
Reuters
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Textile experts submit report to Vajpayee New Delhi, January 18 The expert group under the chairmanship of Planning Commission member N.K. Singh, constituted by the Prime Minister in October last year, was asked to study investment and growth potential in the textile sector. The group, which had Secretaries from Textile, Revenue, Labour, Chemical & Petrochemicals
Ministries, Addition Secretary Banking, Directorate General of Foreign Trade and representatives from CII, Ficci and Assocham as its members, held wide ranging discussions with various segments of trade and industry. After discussions, the group had decided to make its report in two parts. In part I, called Interim Report, the group had made recommendations relating to the fiscal policy for the textile industry. In part II, the group would cover other areas like steps for modernisation of the textile sector, specific steps for augmenting export capability and other related and long-term policy issues.
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Nabard holds workshop on agriclinics Shimla, January 18 In his inaugural address Dr R.L. Markandey, the Animal Husbandry Minister, emphasised that the agriclinics and agribusiness centres scheme was very innovative one and relevant as it targeted the unemployed youth. With unemployment reaching alarming level the scheme was timely and well directed. Mr N.C. Saha, Chief General Manager of the bank, in his keynote address raised some issues facing the agriculture sector in the post WTO regime. He asserted that if productivity of agriculture was not increased then there could be a foodgrain shortage by the year 2010.
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