The Hindu Business Line : Pricol turnover crosses Rs 600 cr

Coimbatore, May 30 A substantial jump in export earnings helped the auto component manufacturer Pricol Ltd reach a new milestone in its earnings with the turnover for 2007-08 crossing the Rs 600-crore mark for the first time.

But higher provisioning for interest and depreciation led to a sharp decline in profit before tax for the last fiscal compared with the earlier year.

According to the financial results filed by the company with the NSE, the net sales and services (domestic) was nearly stagnant during last year at Rs 480.36 crore (Rs 480.94 crore in 2006-07).

But the export sales witnessed a sharp increase to Rs 126 crore last year(Rs 102.4 crore), taking the total turnover last year to Rs 606.46 crore (Rs 583.38 crore).

However, the higher turnover did not result in greater profit and the profit before interest and depreciation last year at Rs 83.25 crore was lesser than the profit of Rs 98.45 crore in 2006-07.

A larger interest outgo of Rs 28.7 crore (Rs 18 crore) and higher provision for depreciation of Rs 32.7 crore (Rs 29.5 crore) further contributed to the profit before tax declining sharply to Rs 21.8 crore (Rs 50.8 crore).

The profit after tax was Rs 19 crore (Rs 36.2 crore).

The board of directors has recommended a dividend of 60 per cent (60 paise a share of Re 1 each) compared to 100 per cent dividend (Re 1 a share of Re 1 each) in 2006-07.

The company has announced the appointment of Mr K. Udhaya Kumar as Additional Director designated President and Chief Operating Officer (COO) with effect from June 1.

In NSE, Pricol’s shares closed at Rs 20.10 on Friday, after touching a high of Rs 20.90, as against the closing price of Rs 20.70 on Thursday, a drop of 2.42 per cent. The total number of shares traded was 39,507.

More Stories on : Automobile Components | Dividend Announcement

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

Stories in this Section
Dabur reports Q4 losses

Mundra Port net rises 12%

Rashtriya Ispat mulls merger with NMDC

Tata Tea Q4 net at Rs 179 cr

Pricol turnover crosses Rs 600 cr

Punj Lloyd Q4 consolidated net profit up 35%

Northgate Q4 net profit rises 14%

Sify net profit dips