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HYDERABAD: Despite a growth of 28.44 per cent in turnover, Nava Bharat Ferro Alloys Ltd has suffered a fall of 35.49 per cent in net profit for the first quarter of current fiscal ended June 30, 2005.

The turnover increased to Rs 127.91 crore from Rs 99.58 crore in the corresponding quarter of previous fiscal, while the net profit dipped to Rs 23.95 crore (Rs 37.13 crore).

The company recorded other income of Rs 16.85 crore (Rs 4.17 crore). This includes interim payment of Rs 13.5 crore received against insurance claim for loss of profits due to fire accident in the ferro alloys plant located at Orissa and a sum of Rs 1.7 crore being profit on sale of assets.

The overall expenditure for the quarter jumped by 93.37 per cent to Rs 89.61 crore from Rs 46.34 crore in the corresponding period of last fiscal. The company's board on Wednesday approved sub-division of equity shares of Rs 10 each into equity shares of Rs 2 each. It has fixed August 31 as record date for the purpose of stock split.

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