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Bilt net up 56%

New Delhi, Oct 10: Paper maker Ballarpur Industries Ltd (Bilt) has reported a 56 per cent rise in net profit at Rs 21.2 crore for the first quarter ended September 30.

The company had earned a net profit of Rs 13.6 crore in the same period a year ago.

The company’s revenues rose marginally to Rs 386.3 crore from Rs 385 crore in the year-ago period.

The unaudited first-quarter financial results for July-September 2002 showed that operating profit had risen to Rs 80.2 crore from Rs 76.6 crore in the year-ago period.

Interest costs declined 15 per cent to Rs 27.2 crore from Rs 32.1 crore ‘driven by initiatives at debt re-profiling’.

The diluted earnings per share (EPS) for the quarter increased to Rs 1.52 from Rs 0.92 in the corresponding period last year.

The company said after the successful completion of the rights issue in June 2002 for the acquisition of Bilt Graphics Paper Limited (BGPL), which was earlier known as Sinar Mas before it was bought over by Bilt, the board of directors had approved a scheme of amalgamation for BGPL and Bilt.

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