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CUMI makes Rs 21-cr profit on unit sale

Our Bureau

CHENNAI, July 31

CARBORUNDUM Universal Ltd made a profit of Rs 21.41 crore on the sale of its electrocast refractory unit at Palakkad. This amount has been taken into the profit and loss statement for the first quarter of the current year.

Thanks to this, the company's net profit for the quarter increased to Rs 19.40 crore, from Rs 3.48 crore in Q1 last year, and Rs 21.52 crore in the whole of last year. (Comparatively, the company's profit before depreciation, tax and extraordinary income was Rs 5.51 crore, as against Rs 5.31 crore in Q1 last year.)

In the whole of last year, the refractory unit contributed Rs 19 crore to the total sales of the company and about Rs 3.5 crore to the net profit. The unit was sold in April to SERP Refractories India Ltd (part of the Saint Gobain group) for Rs 31 crore.

The Carborundum Universal Chairman, Mr M.V. Murugappan, said at the company's annual general meeting on Wednesday that last year was a good year for the refractory unit, but in future it would be difficult to compete with the market leader, SERP Refractories.

Net sales increased marginally to Rs 61.02 crore, from Rs 60.80 crore previously. `Other income', however, declined to Rs 55 lakh, from Rs 1.26 crore previously.

At the AGM, company officials told the shareholders that a capital investment of Rs 16 crore was planned for the current year. The expenditure would be mainly on modernising the production facilities, particularly the one in Chennai.

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