Financial Daily from THE HINDU group of publications
Thursday, Jun 10, 2004
Financial Daily from THE HINDU group of publications Thursday, Jun 10, 2004 |
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Corporate
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Bonus Announcements Corporate Results - Financial Services Tube Investments declares 1:1 bonus, 100 pc dividend Our Bureau
Chennai , June 9 THE board of directors of Tube Investments of India Ltd has recommended an issue of one bonus share for each equity share of Rs 10 face value. It has also recommended a dividend of Rs 10 per share (100 per cent). The company has posted a 20-per cent increase in income from operations and a 134-per cent increase in net profit for the quarter ended March 31, 2004 over the corresponding quarter in the previous year. For the year ended March 31, 2004 Tube Investments, a part of the Murugappa group, has recorded a six-per cent increase in income from operations and an 80-per cent increase in net profit over the previous year. In the fourth quarter of 2003-04, Tube Investments' net profit was Rs 36.64 crore on income from operations of Rs 330.33 crore against a net profit of Rs 15.63 crore on income of Rs 274.63 crore. Other income for the quarter was Rs 22.62 crore (Rs 8.62 crore). During 2003-04, TI's net profit was Rs 82.49 crore on income of Rs 1,157.08 crore compared to a net profit of Rs 45.89 crore on income of Rs 1,086.57 crore in the previous year. A company press release quoted Mr Adiraj Sarin, Managing Director, as saying that the higher net profit for the year includes a non-recurring income of Rs 24 crore from renunciation of rights in Cholamandalam Insurance in favour of Mitsui Sumitomo. It also includes a non-recurring expenditure of providing for superannuation fund of employees to the tune of Rs 14 crore. According to the release, the engineering business improved efficiency through higher machine productivity and the cycle business through improved supply chain management. The doorframe business benefited from increased volumes to automobile OEs. Profit improved with better product mix, cost savings, disposal of non-performing assets and reduced finance charges. Steel prices, however, continue to be cause for concern. The release said a robust growth in demand was expected for engineering products in domestic and international markets. The company was expanding capacities to meet this demand.
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