The Hindu Business Line : Moser Baer Q1 net at Rs 6.4 cr

Compact disc manufacturer Moser Baer India Ltd posted a net profit of Rs 6.47 crore for the quarter ended June 30 compared with a net loss of Rs 11.14 crore for the same quarter in 2005-06. The company has been reporting profits for the third consecutive quarter.

The gross income increased 30.5 per cent to Rs 475.6 crore during the period. The shares of the company closed on Thursday at Rs 180.60, up 2.94 per cent at the Bombay Stock Exchange.

"During the quarter, the company commenced shipments of its next generation HD DVD-R to select global OEMs. The company is the first to market with this format, providing a significant competitive advantage over industry peers. The company is set to launch of a series of next generation formats throughout FY '07 with a potential "first to market" position in most of them. These formats should contribute to future margin improvement," said a press release.

In a notice to the BSE, the company said that it plans to set up a wholly owned subsidiary in Cyprus with an initial investment of 25,000. The money will be used to acquire or set up an optical media unit, or possibly some other business unit (depending on opportunities available), the company said in a notice to the BSE.

The planned unit will help to identify opportunities in research and development in the optical media sector and in other technologies, the notice said. Moser Baer is also looking to set up greenfield projects in Europe and other global markets, the company said.

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