Financial Daily from THE HINDU group of publications
Tuesday, Jul 30, 2002
Financial Daily from THE HINDU group of publications Tuesday, Jul 30, 2002 |
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Corporate Results
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Personal Products Colgate's net higher despite lower sales Our Bureau
MUMBAI, July 29 COLGATE-PALMOLIVE (India) Ltd has reported a 19 per cent increase in net profit at Rs 18.8 crore for the first quarter ended June 2002 against Rs 15.8 crore in the year-ago period. Total revenue stood at Rs 268.8 crore compared to Rs 313.7 crore in the year-ago period. The company attributed the decline in sales in the first quarter to a planned reduction of high trade inventory levels and sluggish consumer demand. "The FMCG sector has witnessed aggressive promotional strategies resulting in an accumulation of excessive stocks in distribution channels,'' the company said in a press release. The company's total expenditure during the quarter was down at Rs 231.9 crore from Rs 284 crore in the year-ago period. Advertising cost fell to Rs 50.2 crore (Rs 65.8 crore). Expenditure was down in all categories including raw material, packaging material cost and advertising. However, staff cost edged up to Rs 18.2 crore (Rs 15.1 crore). The company's all India toothpaste market share moved up to 50.6 per cent in May 2002 over 49.9 per cent in March 2002. Operating profit for the quarter increased to Rs 30.4 crore from Rs 22.6 crore.
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