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SSI Q3 net up 68 pc

Our Bureau

CHENNAI, April 30

THE Chennai-based SSI Ltd has recorded a 67.7 per cent jump in net profit to Rs 17.61 crore for the third-quarter ended March 31, 2001, as compared to a net profit of Rs 10.5 crore for the same period in the last year. Net sales were Rs 103.72 crore (Rs 53.45 crore).

Total expenditure came to Rs 75.63 crore (Rs 36.21 crore). Interestingly, the staff cost -- a part of total expenditure -- came to as much as a little below five times the staff cost in the same quarter the last year at Rs 25.69 crore (Rs 5.55 crore).

Interest costs were recorded at Rs 1.22 crore (Rs 95.94 lakh), while depreciation costs came to Rs 6.02 crore (Rs 3.98 crore).

The company has made a Rs 5-crore (Rs 2.30-crore) provision for taxation.

For the nine months ended March 31, 2001, the company recorded a net profit of Rs 70.27 crore as compared to a net profit of Rs 26.01 crore for the same period in the last year. Net sales were Rs 320.88 crore (Rs 130.04 crore).

Total expenditure came to Rs 234.89 crore (Rs 86.58 crore). The staff cost stood at Rs 76.27 crore (Rs 12.72 crore).

Interest costs were recorded at Rs 4.19 crore (Rs 1.73 crore), while depreciation costs came to Rs 16.67 crore (Rs 11.18 crore).

The company made a Rs 13.75-crore (Rs 5.92-crore) provision for taxation. It has also made a provision of Rs 2.78 crore for extraordinary and non-recurring items in the recently concluded nine-month period.

For the year ended June 30, 2000, the company had net sales of Rs 197.52 crore and a net profit of Rs 56.93 crore. The paid up equity share capital of the company has gone up from Rs 12.81 crore to Rs 13.47 crore.

In a statement released by the company, it said that ``other income'' included a negative of Rs 47.60 lakh on account of exchange rate difference for the current quarter. Further, during the just-ended quarter the AlbionOrion Company, LLC (AOC), the whol ly-owned subsidiary of SSI, transferred intangible assets valued at $51.38 million to SSI as part of the capital restructuring by AOC.