Siemens earns less, but pays 40 p.c.

By Our Staff Correspondent

MUMBAI, NOV. 23. Siemens has announced a net profit of Rs. 68.72 crores for the financial year ended September 30, 2001 against Rs. 84 crores in the previous year. Sales turnover for the year was up 4 per cent at Rs. 1,157.28 crores (Rs. 1,115.71 crores). The directors have recommended a dividend of 40 per cent. Last year, the distribution was 65 per cent including a special dividend of 30 per cent.

Total expenditure during the year was Rs. 1,096.20 crores (Rs. 1,057.39 crores). The company provided Rs. 1.71 crores (Rs. 4.88 crores) for interest, Rs. 29.45 crores (Rs. 31.50 crores) for depreciation and Rs. 23.64 crores (Rs. 10.61 crores) for tax.

The growth in turnover was achieved despite the depressed market, which was also characterised by severe price erosion. The company received new orders worth Rs. 1,083.60 crores (Rs. 1,207.10 crores). In the previous year, the company had received a major order of Rs. 170 crores for a high voltage transmission project. Excluding the special effect of this single large order, the order book increased by about 5 per cent. As on September 30, 2001, the company had 4,167 employees (4,342 employees).

Siemens was able to further consolidate and stabilise its position through the continued pursuance of its four-point programme which entailed a complete review of the business portfolio, restructuring the balance sheet and effective asset management, improvement in quality, productivity and cost structure and focus on human resources.

Earlier this year, Siemens had announced a share buy-back at a price not exceeding Rs. 250 per share for an amount not exceeding Rs. 80.52 crores. The company, as on September 30, 2001, bought back 18.68 lakh shares at a weighted average price of Rs. 197.57 per share and invested Rs. 36.90 crores towards this programme.

Send this article to Friends by E-Mail

Section  : Business
Previous : Bajaj Auto launches Pulsar