Financial Daily from THE HINDU group of publications
Thursday, Oct 28, 2004
Financial Daily from THE HINDU group of publications Thursday, Oct 28, 2004 |
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Corporate Results
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Cement Visaka Q2 net rises Our Bureau
Hyderabad , Oct. 27 VISAKA Industries Ltd (VIL), engaged in the production of asbestos cement products and yarn, has posted sales turnover of Rs 47.87 crore and net profit of Rs 3.26 crore during the quarter ended September 30. Turnover increased by about 25 per cent and net profit rose by 23 per cent compared with figures of Rs 38.34 crore and Rs 2.65 crore respectively during the corresponding previous quarter. For the first half of the current fiscal, the company's turnover was Rs 102.82 crore and net profit Rs 6.05 crore, against Rs 74.58 crore and profit Rs 4.92 crore respectively during the same period last fiscal. Announcing the unaudited financial results on Wednesday, the Managing Director, Dr G. Vivekanand, said that the company has plans to further expand its spinning division and make a foray into the production of textiles next year. The company had expanded the capacity of its spinning unit recently from 30,000 spindles to 50,000 spindles per annum. Dr Vivekanand also said that VIL was in the process of obtaining environmental clearance for the proposed asbestos plant at Tumkur, Karnataka. He was hopeful of starting the Rs 21-crore, 72,000 tonnes per annum capacity plant by April 1, 2005.
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