Thursday, May 29, 2003
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The Midnapore (West Bengal) asbestos cement unit of Visaka Industries, which was commissioned in March, is operating at 25 per cent capacity and expects to achieve full capacity utilisation by September, according to G. Vivekananda, Managing Director.
The company sold 1.53 lakh tonnes last year and expected to sell 2.40 lakh tonnes this year (including marketing of others' production).
Announcing the results, he attributed this to better price realisation in the eastern and southern markets, sourcing of raw material at competitive prices, and 20 per cent higher productivity achieved last year. A dividend of 22 per cent has been recommended.
For the year ended March 2003, the company achieved 15 per cent growth in income at Rs. 135.57 crores (Rs. 117 crores). The net profit has improved to Rs. 9 crores (Rs. 7.11 crores). The profit before tax has risen to Rs. 13.90 crores (Rs. 8.77 crores). EPS went up to Rs. 8.13 (Rs. 6.36 ).
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