Indal posts 10 p.c. rise in PAT

By Our Staff Reporter

CALCUTTA, MAY 24. Indian Aluminium Company (Indal) has reported a 10 per cent rise in its post-tax profit at Rs. 83.90 crores in 1999-2000 against Rs. 76.40 crores in the previous year. The profit before tax and extraordinary items increased by 19 per cent to Rs. 109.30 crores.

Exports registered a 32 per cent growth at Rs. 264 crores. Net sales and operational income increased from Rs. 1,021.70 crores to Rs. 1,049.70 crores. The company had earlier declared two interim dividends of 25 per cent each and there will be no final dividend

Declaring the annual results, the company chairman and CEO, Mr. Chris Bark-Jones, said the parent company Alcan would transfer its 54.6 per cent stake to Hindalco at a price of Rs. 190 per share by May 30.

Hindalco's open offer for an additional 20 per cent would open on May 26. Hindalco was expected to take over the company management after the closing of the offer on June 26. An Alcan nominee, Mr. Bark-Jones would vacate the office accordingly.

Though admitted that there was a sense of regret in Alcan headquarters as the proposed three way international merger did not take place even after divestment of Alcan's businesses, Mr. Jhones stressed Alcan's interest in shifting its focus on low cost alumina and sheet business.

It was in this context ``the company (Alcan) will continue to hold 35 per cent stake in the upcoming Utkal Alumina.''

He said Indal registered a growth during every quarter of the last fiscal. The rise in net profit would have been far higher had Indal not engaged in cleaning its backyard.

A series of actions were taken especially in the third and fourth quarters including upgradation of its Belur and Taloja mills at a combined cost of Rs. 99 crores.

Another Rs. 6 crores was spent on overhauling the Hirakud smelter.

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