The Hindu Business Line : MRO-TEK net down 53 pc

NETWORKING and last mile access solutions provider, MRO-TEK Ltd has reported a 53 per cent fall in its net profits for 2002-03 from a year ago, while its net sales grew by 17 per cent. MRO-TEK's net profit stood at Rs 2.7 crore on net sales Rs 84.04 crores for fiscal 2003 as against a net profit of Rs 5.78 crore on net sales of Rs 71.46 crore in previous year.

The board of directors of the company, which met on Monday, has decided to pay a dividend of 80 paise per share (16 per cent on face value of Rs 5 each).

The company's exports during the year touched Rs 3.60 crore, an increase of 350 per cent over previous year's Rs 78 lakh.

Commenting on the results, Mr S. Narayanan, Chairman & Managing Director, MRO-TEK, said, "Our growth objective remains unchanged. We believe that the tough times are behind us and the future looks promising. The growth has been affected to an extent due to weakening of global economy and the events that have occurred.

With the telecom and finance sector growing substantially it offers a tremendous opportunity for us. Our strategy is to build on and extend this existing market strength and at the same time be prepared to serve the rapidly growing markets worldwide."

MRO's R&D section is involved in developing certain `first-of-its-kind' Metro Access products having considerable scope for market even in developed countries such as US, Japan, Europe & Korea, the release said.

These products will add to the portfolio strengthening the company's product offerings. Some of these products are scheduled for release, in phases, in the next 9 to 12 months.

Referring to the DRI investigation, the press release said, that necessary application has been made before the Appropriate Authorities and that the legal process was underway. Pending the outcome of such legal proceedings, no provision has been made in the accounts for the year under review.

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