The Hindu Business Line : RITES net down 50% at Rs 48 cr

RAIL India Technical and Economic Services Ltd (RITES), a public sector undertaking under the Ministry of Railways, has posted a net profit of Rs 48 crore for 2003-04 compared with Rs 95 crore in the previous year.

"This is because of the extraordinary income in 2002-03 on account of long due settlement of Iraq dues," stated Mr P.N. Garg, Chairman of RITES.

The company has recorded an operating turnover of Rs 267 crore for the year-ended March 31, 2004 against Rs 254 crore during the previous year. Total turnover, excluding extraordinary items, touched Rs 285 crore, up from Rs 269 crore in 2002-03, says a release.

The overseas business touched Rs 109 crore in FY 2003-04, up from Rs 92 crore in the previous year. During the year, the company issued bonus shares in the ratio of 1:1 and the paid-up capital of the company increased to Rs 4 crore from Rs 2 crore, according to the release.

During the year, the company executed contracts in the UK, Sharjah, Malaysia, Tanzania, Ethiopia, Botswana, Mozambique and Vietnam, amongst others, Mr Garg added.

More Stories on : Railways | Financial Performance

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Operations at CCTL back to normal

RITES net down 50% at Rs 48 cr

TATF support for Express Highway