The Hindu : Business : SPIC cuts losses

Online edition of India's National Newspaper
Friday, Jan 28, 2005

Business

Business

SPIC cuts losses

The Southern Petrochemical Industries Corporation Limited (SPIC) said that its operating profit for the third quarter ended December 2004 had increased by Rs.20 crores compared to the same quarter in the previous year. The turnover for the quarter under review was Rs.582.89 crores (Rs.454.09 crores). The cumulative turnover for the nine-month period was Rs.1492.33 crores (Rs.1123.16 crores). The company reported a reduction in loss for the third quarter by 33 per cent. The loss reported for the quarter under review was Rs.30.09 crores (Rs.44.84 crores). For the nine-month cumulative period ended 31 December 2004, the company reported a profit of Rs.97.50 crores against a loss of Rs.124.38 crores for the same period in 2003-04. The profit includes the exceptional item reported in the previous quarter relating to the restructuring of its FRN debt.

TVS Motor

TVS Motor Company recorded a turnover of Rs.815.23 crores in the third quarter ended December 2004 compared to Rs.681.93 crores in the corresponding period last year. The profit before tax for the third quarter was Rs.42.18 crores compared to Rs.42.70 crores and the profit after tax stood at Rs.28.23 crores compared to Rs.27.50 crores achieved during the same period last year.

The total two-wheelers sold during the quarter under review stood at 3.22 lakh units (2.74 lakh units). During this period, the motorcycles grew by 25 per cent to 2.03 lakh units, scooterettes by 11 per cent to 56,803 and mopeds by three per cent to 62,364 units.

Hexaware

Hexaware Technologies has posted a 44.12 per cent rise in profit after tax at Rs. 43.77 crores for the year ended December 31, 2004 against Rs. 30.37 crores last year. The company has proposed a 50 per cent on equity shares subject to the approval of shareholders at the Annual General Meeting.

Total Income has increased from Rs. 180.50 crores to Rs. 269 crores for the year ended December 31, 2004, a rise of 49 per cent, the company informed the Bombay Stock Exchange.

The company's board will meet on Febrary 21 to consider and recommend split of equity shares subject to shareholders approval.

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