May 19: Bharat Petroleum Corporation Ltd (BPCL) has reported a dip in net profit at Rs 413.9 crore for the fourth quarter ended March 31, 2004 compared with Rs 447.4 crore in the corresponding previous quarter.

For the financial year 2003-04, the company posted a higher net profit at Rs 1,694.6 crore compared with Rs 1,250 crore in the previous fiscal. Sales were up at Rs 53,448.4 crore against Rs 45802.4 crore a year ago.

On a consolidated basis, the group turnover recorded an increase of 10.14 per cent at Rs 62,577 crore as against Rs 56,818 crore during the previous year. Group market sales, including exports rose to 21.92 million tonnes, 3.30 per cent higher than last year’s 21.22 million tonnes.

Essar Steel income up

Essar Steel posted a profit of Rs 59.99 crore for the year ended March 31, 2004. It also reported record production and sales.

Total income for the year was Rs 4,024.60 crore against Rs 3,013.07 crore in the previous fiscal, representing an increase of 33.57 per cent. Interest and depreciation were Rs 397.68 crore and Rs 403.27 crore respectively, for the year as against Rs 393.62 crore and Rs 367.93 in 2002-03.

Commenting on the performance, managing director Prashant Ruia said, “Our persistent efforts in the last two years to reduce debt, reduce cost of production, increase volume and improve the product-mix coupled with the buoyancy in the steel market has enabled us to post the improved performance. However, many of our efforts in these areas are yet to fully fructify, most of which are expected to reflect in the current fiscal.”

Apollo Tyres net dips

Apollo Tyres today reported a 35.1 per cent decline in net profit (before exceptional items) at Rs 18.78 crore for the quarter ended March 31, 2004, compared with Rs 28.96 crore recorded in the corresponding previous quarter.

The company also announced a 45 per cent dividend, an Apollo Tyres statement said here. Gross sales grew 14.7 per cent to Rs 621.87 crore during the quarter under review against Rs 542.28 crore in the year-ago period.

For 2003-04, the company posted a 31.8 dip in net profit (before exceptional items) at Rs 70.42 crore compared with Rs 103.4 crore in the previous fiscal.

Central Bank net soars

Central Bank of India has reported a 102 per cent rise in net profit at Rs 618.11 crore for the fiscal ended March 31, 2004, compared with Rs 305.52 crore posted in the previous financial year.