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Shaw Wallace net, turnover slips

Our Bureau

CALCUTTA, Dec. 5

SHAW Wallace & Company has announced a net profit of Rs 4.42 crore on a turnover of Rs 772 crore for the year 1999-2000 against Rs 26.33 crore and Rs 829 crore respectively in the previous accounting year.

The board, which met in Mumbai on December 4, decided not to recommend dividend in view of the need to conserve resources to meet additional capital expenditure for expansion/modernisation as also provide for increamental working capital requirement.

SWC, it may be mentioned, did not pay dividend in the last couple of years.

According to a SWC source, better operational efficiency helped it improve its profit before taxation. The previous accounting period's turnover included the turnover of consumer products division, which has since been divested.

SWC, which is consolidating its core businesses consisting of alcoholic beverages, proposes to write off the investments made by it in Genelec and electronic business in the past.

Meanwhile, the company has started a cleaning-up process to bring in transparency in its accounts. All irrecoverable/doubtful advances/debtors are said to have been provided for/written off.

The SWC source said: ``A mandate was given by the company's Chairman, Mr. M.R. Chhabria, that the company must clean up its accounts online with modern accounting practices''. Therefore, efforts had been made to present a clean balance sheet, said a comp any's spokesperson. SWC proposes to hold its AGM on December 30.