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Saturday, Oct 30, 2004

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Tube Investments Q2 net doubles

Our Bureau

Chennai , Oct. 29

TUBE Investments of India has reported a net profit of Rs 12.22 crore for the second quarter ended September compared with Rs 6.05 crore in the same quarter last year, despite a sharp increase in the prices of the key raw material — steel.

The company's turnover increased to Rs 351.55 crore from Rs 320.70 crore. Cost of raw materials as a percentage of sales increased to 65.47 per cent from 59.73 per cent.

In the half year ended September 2004, Tube Investments achieved a turnover of Rs 680.27 crore against Rs 593.28 crore in the corresponding period of last year. It made a net profit of Rs 27.16 crore (Rs 30.94 crore).

The company has pointed out that the results for the half-year ended September 2003 included an extraordinary income of Rs 24.76 crore from the renunciation of rights shares of Cholamandalam MS General Insurance Company and a non-recurring expenditure of Rs 13.26 crore, representing provision made upon modification in superannuation benefits from `defined benefit' to `defined contribution'.

A press release from the company says that the shareholders had approved the merger of TI Diamond Cycles with the company. Though the merger would take effect from April 1, the results of the second quarter do not include the turnover and profits of TIDC because the Madras High Court is yet to give its approval for the merger.

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