The Hindu Business Line : FCI OEN net profit up 49 pc

FCI OEN's net profit has grown by 49 per cent to Rs 17.6 crore (Rs 11.8 crore) for the calendar year 2005. The company's Board of Directors has recommended a dividend of 22.5 per cent. Gross profit grew by 36 per cent to Rs 35.1 crore (Rs 25.7 crore).

With a spurt in demand for connectors from the automotive industry and communication sectors, as well as higher export business, the company's net sales grew by 25 per cent to Rs 140.90 crore, (Rs 113.00 crore). Sales in the domestic market increased by 16 per cent to Rs 58.1 crore (Rs 49.9 crore), even as export sales increased by 31 per cent to Rs 82.8 crore (Rs 63.1 crore). The company recorded other income of Rs 9.8 crore (Rs 10.3 crore).

The company said that there is a promising outlook for the automotive and data segments in the domestic markets. The automotive capacity expansion is expected to be operational by the second half of the current year. Cable assembly business and the export of new-generation connectors have given positive signals on the export front.