Financial Daily from THE HINDU group of publications
Saturday, Mar 30, 2002
Financial Daily from THE HINDU group of publications Saturday, Mar 30, 2002 |
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Performance Corporate Results - Leather Bata profit slips 90 pc Our Bureau
KOLKATA, March 29 THE profit before tax (PBT) of Bata India Ltd for the year ended December 31, 2001, has plunged nearly 90 per cent to Rs 2.46 crore from the Rs 25.30 crore in 2000. Net profit dropped nearly 75 per cent at Rs 3.98 crore (Rs 15.60 crore). Net profit for the fourth quarter is placed at Rs 5.66 crore (Rs 5.05 crore). The PBT slipped to Rs 4.26 crore (Rs 8.24 crore). The gross profit after interest but before depreciation for 2001 has declined to Rs 15.94 crore from the Rs 39.35 crore for 2000. Export revenue has dropped from Rs 21 crore to Rs 18.72 crore. Provision for tax (current) is placed at Rs 19 lakhs against Rs 9.7 crore. Net sales is placed at Rs 759.9 crore ( Rs 760.1 crore). Total expenditure has increased to Rs 747.49 crore from the Rs 713 crore. The company has proposed a dividend of 75 paise against Rs 1.5 paise. The financial results were taken on record by the board at its meeting here today. The company attributed the poor financial performance for 2001 to a number of reasons, the chief among them being severe recession in consumer demand, under recovery of expenses at manufacturing facilities owing to reduced production andf increased mark-down on slow-moving stocks. It is pointed out that various steps are being taken to arrest the downturn and enhance the performance and profitability of the company. A hive-off of any of the manufacturing units, as and when necessitated, has also not been ruled out. The board, according to a statement here, discussed in detail several measures for reorganising some of the company's business operations, following a scheme of arrangement pursuant to the provisions of Section 391 and 394 of the Companies Act, 1956. The areas on which the company is focusing to improve the financial performance include cost control in all areas of operations, quality improvement, innovative product development, new merchandise, brand promotion, opening of large format stores and measures to increase competitiveness of the products in the market place.
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