Sundram Fasteners export sales up 10 p.c. in Q1

CHENNAI, JULY 28.Export sales of Sundram Fasteners for the quarter ended June 30, 2001 were up 10 per cent at Rs. 20.02 crores against Rs. 18.18 crores in the same period last year, in spite of difficult global market conditions.

The company has recorded total sales of Rs. 107.34 crores against Rs. 110.96 crores.

The increase in export sales however could not neutralise the drop of six per cent in sales in the domestic market due to depressed market conditions.

Other income was lower at Rs. 44 lakhs (Rs. 1.17 crores) mainly due to lower dividend income during the period. The gross profit before extraordinary items, interest, depreciation was Rs. 18.82 crores against Rs. 19.86 crores. The company has incurred Rs. 36 lakhs (Rs. Nil) towards extraordinary expenditure in respect of early retirement scheme.

Interest charges were lower at Rs. 3.70 crores (R.4.12 crores) while depreciation claimed Rs. 3.20 crores (Rs. 2.97 crores). The provision for taxation is Rs. 3.15 crores (Rs.3.20 crores). The net profit has declined to Rs. 8.41 crores from Rs. 9.57 crores in the corresponding period of the previous year.

Send this article to Friends by E-Mail

Section  : Business
Previous : Axes ropes in ex-Alcatel COO
Next     : Jindal Aluminium to shut down Bangalore unit