Financial Daily from THE HINDU group of publications
Friday, May 17, 2002
Financial Daily from THE HINDU group of publications Friday, May 17, 2002 |
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Corporate
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Ceramics Carborundum net slips to Rs 21.52 cr Our Bureau
CHENNAI: Carborundum Universal Ltd has reported a net profit of Rs 21.52 crore for 2001-02, down from Rs 23.20 crore in the previous year. The board has recommended a dividend of Rs 7.5 per share (75 per cent). The turnover slid to Rs 252.09 crore from Rs 260.53 crore. "Sales were marginally lower due to the sluggish trends in the manufacturing sector," a press release from the company saids. While electrominerals and ceramics segments performed better than last year, performance in the abrasives division was affected due to poor offtake from major user industries, it said. Profit before tax was Rs 30.94 crore, as against Rs 35.75 crore. The press release noted that in 2000-01, there was a non-recurring profit of Rs 3.46 crore from the sale of the Visakhapatnam unit. Exports grew by 24 per cent to Rs 31.28 crore, although sales in the main market, US, suffered because of recession. Giving divisional sales details, the release said that abrasives sales dropped by 3 per cent. But the turnover of the ceramics division increased 14 per cent, mainly due to exports. The electrominerals increased its sales in the domestic market by 13 per cent, by "finding new applications for the company's products".
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