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Philips back in black, posts Rs 84.3 cr profit

Jan. 30: Philips India Ltd has turned around and posted a net profit of Rs 84.29 crore for the year ended December 2002 as against a net loss of Rs 21.15 crore last year, on account of better price realisation and cost management.

The net sales for the year were higher at Rs 1,610.75 crore as against Rs 1,542.36 crore in 2001, a Philips release said today, quoting company vice chairman and managing director K Ramachandran, who has been re-appointed.

Essar Steel pares loss

Essar Steel Ltd has managed to prune its losses for the third quarter ended December 31, 2002. Net loss was lower at Rs 65.91 crore compared with Rs 142.15 crore in the corresponding period last year.

The company has recorded a growth of 283 per cent in operating profit and 80 per cent in total income for the reporting period. It registered an operating profit of Rs 203.67 crore (Rs 53.18 crore) and total income of Rs 841.53 crore (Rs 468.05 crore).

IPCL net zooms

Indian Petrochemicals Corporation Ltd (IPCL) today reported nearly three times increase in its net profit at Rs 75 crore during the quarter ended December 31, 2002 over Rs 19 crore in the corresponding period last fiscal.

The net sales of the company grew by 43 per cent to touch Rs 1,574 crore as against Rs 1,100 crore a year ago, a company statement said.

HPCL net up 443%

Hindustan Petroleum Corp today reported a 443 per cent growth in net profit to Rs 331 crore during the third quarter ended December 31, 2002 over Rs 61 crore during the same period last year.

Net sales stood at Rs 14,210 crore during the quarter, a company statement said. HPCL also paid an interim dividend of 20 per cent (Rs 2 per share).

ABB net at Rs 97cr

ABB India today reported a net profit of Rs 97.2 crore for the year ended December 2002, and declared 60 per cent dividend.

Sales grew by 14 per cent to Rs 1,200.6 crore last year from Rs 1,055.8 crore a year ago.

The net profit for the quarter ended December, 2002 rose by 34 per cent at Rs 41.1 crore as against Rs 30.7 crore during year-ago period, while sales inched up by 6 per cent to Rs 384.7 crore.

ABB India announced a higher 60 per cent dividend for the last year as against 50 per cent in 2001.

Saregama cuts loss

Saregama India Ltd today announced a marginal reduction in its net loss during the third quarter ended December, 2002, despite a sharp jump in interest charges and royalty payments. Net loss came down to Rs 6.87 crore from Rs 9.91 crore in the corresponding quarter last fiscal. Net sales was up marginally to Rs 23.20 crore from Rs 22.44 crore, company sources said.

The cumulative turnover during the nine-month period stood lower at Rs 64.23 crore as against Rs 78.25 crore, whereas net loss increased three-fold to Rs 31.91 crore from Rs 10.40 crore, sources added.

Hind Lever Chem

Hind Lever Chemicals reported a 22 per cent decline in net profit to Rs 15.6 crore for the quarter ended December 2002 from Rs 20.1 crore in the corresponding previous quarter.

The company reported a turnover of Rs 395 crore for the quarter, which is a marginal increase from the Rs 357-crore posted last year.

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