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Wednesday, August 01, 2001

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Finolex Cables net up at Rs 10.42 cr

PUNE: Finolex Cables has reported a net profit of Rs 10.42 crore for the first quarter ended June 30, 2001 against Rs 9.29 crore in the same period the previous year.

Sales increased from Rs 66.96 crore in the first quarter of last fiscal to Rs 125.54 crore in the first quarter this fiscal. Profit before tax rose to Rs 12.83 crore (Rs 12.29 crore).

Other income in the first quarter this fiscal stands at Rs 1.07 crore as against Rs 10.63 crore in the corresponding period last year. Other income in the period ended June 30, 2000 includes dividend of Rs 4.40 crore which for the current year is expecte d to be received in the second quarter and non-recurring income of Rs 2.84 crore.

Mr P.P. Chhabria, Chairman, who addressed the annual general meeting of the company here, said the company would leverage the booming television industry in the country and is investing Rs 20 crore to set up a new coaxial trunk cable manufacturing facili ty at its existing telephone and light duty cable facility at Goa.

The new coaxial trunk cable would be an import substitute for the product currently being used by the industry, Mr Chhabria said, adding the expansion programme would be completed by September-end. -- Our Bureau

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Finolex Cables net at Rs 72.51 cr

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