Vijaya Bank net at Rs. 26 cr.

Vijaya Bank has achieved a net profit of Rs. 26.36 crores in the quarter ended June 30, 2001 against Rs. 19.85 crores, an increase of 32.8 per cent. The gross profit has risen by Rs. 22.7 per cent to Rs. 43.27 crores. The improvement in the net profit has resulted in an increase in the earning per share to Rs. 2.92 from Rs. 2.48 at the end of March 2001.

The net interest margin for the quarter of 2001-02 was Rs. 122.32 crores against Rs. 113.62 crores. Operating expenses were lower at Rs. 107.25 crores against Rs. 112.02 crores.

Aggregate deposits stood at Rs. 12,337 crores against Rs. 11.209 crores, gross credit at Rs. 5,869 crores against Rs. 5,319 crores.

Aban Loyd

Aban Loyd Chiles Offshore has registered a total of Rs. 99.93 crores against Rs. 114.40 crores in the previous year. The net profit, before tax, was Rs. 12.56 crores against Rs. 5.93 crores. The provision for taxation was Rs. 2 crores.

Interest charges claimed Rs. 10.92 crores (Rs. 10.82 crores). The amount set aside for depreciation is Rs. 13.11 crores (Rs. 14.09 crores).

The directors have recommended a dividend of 30 per cent against Rs. 20 per cent. The amount required is Rs. 188.36 lakhs. The transfer to general reserve is Rs. 1.06 crores against Rs. 40 lakhs.

The rig Aban II has received a contract from Cairn Energy India Pty Limited for drilling operations off the East Coast. The Rig Aban III is under contract with ONGC and currently deployed at Mumbai High.

The company has recently acquired approximately 86.5 per cent of the paid up equity capital in Hitech Drilling Services India.

Apollo Tyres

Despite recessionary conditions Apollo Tyres has posted an increase of nearly eight per cent in sales turnover at Rs. 1,454.70 crores in the year ended March 31, 2001 against Rs. 1,348.75 crores in the previous year. The operating profit was lower at Rs. 113.83 crores against Rs. 162 crores due to an increase in prices of raw materials, higher interest burden and a drop in other income. The net profit stood at Rs. 25.42 crores against Rs. 76.06 crores.

The directors have recommended a dividend of 40 per cent. For the current financial year, the company is adopting special measures for tighter current asset management and inventory control.

Hughes Tele.com

Hughes Tele.com (India)'s net loss has declined by 22 per cent to Rs. 30.3 crores for the first quarter ended June 30, 2001 as compared to Rs. 38.79 crores in the corresponding period previous year.

Total income was up by 106 per cent to Rs. 62.93 crores as compared to Rs. 30.57 crores. The company's telecom service revenues for Q1 increased by 82 per cent to Rs. 54.52 crores as compared to Rs. 30 crores during the corresponding period in the previous year.The company is on target to reach two lakh subscriber lines by end of March 2002. It is planning to launch its premier ISP services shortly to meet the needs of its broadband customers.

The company will soon offer advance intelligent network services, like calling card services, premium rate and freephone services.

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