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Crompton Greaves posts profit in second quarter

MUMBAI: Crompton Greaves Ltd has registered a net profit of Rs 18.02 crore for the quarter ended September 30, 2000 as against a loss of Rs 37.35 crore in the same period the previous year.

Net sales decreased to Rs 312.72 crore (Rs 358.66 crore). Other income has zoomed to Rs 98.45 crore (Rs 1.63 crore).

Interest has decreased to Rs 21.49 crore (Rs 24.98 crore) and depreciation has dropped to Rs 10.67 crore (Rs 13.41 crore). Total expenditure has risen to Rs 360.99 crore (Rs 359.25 crore).

Gross profit was at Rs 18.02 crore (Rs 37.35 crore loss). There has been no provision for taxation for the period.

The company has registered a net loss for the half year ended September 30, 2000 at Rs 49.45 crore against Rs 78.81 crore in the same period the previous year.

A restructuring committee of the board has been constituted to examine the operational growth and profitability prospects of the company's various strategic business groups and investments in joint venture and associate companies.

During the quarter ended September 30, 2000, the company disinvested its holding in Skycell Communications Ltd. Subsequent to September 30, 2000, the company also completed a transaction for sale of its low tension control gear unit at Nasik. -- Our Bure au