The Hindu Business Line : Blue Dart income up, net down; to pay 22.5 pc

BLUE Dart Express Ltd (BDEL) which reported a consolidated net profit of Rs 18.29 crore for 2001-2002, as against the previous corresponding Rs 23.62 crore, is exploring the possibility of enhancing the utilisation of its freighter aircraft by flying to neighbouring countries.

BDEL's board has recommended a dividend of 22.50 per cent on BDEL's enhanced share capital (following an earlier bonus share issue), which is equivelant to 45 per cent as compared to the 35 per cent of the previous year, an official statement said. The aviation subsidiary recorded a profit before tax of Rs 31 lakhs for the just ended fiscal.

Net sales/income from operations of the consolidated entity was Rs 286.48 crore (Rs 256.21 crore for the year ago period). Including other income, total income was Rs 287.63 crore (Rs 257.92 crore).

BDEL has attributed the 12 per cent rise in total income, as compared to the over 20 per cent growth of the previous years, to the sluggish Indian economy and the September 11 incident.

The company has on charter three aircraft from BDAL, which has leased two of them from ICICI and one from IL&FS.

When contacted, Mr Yogesh Dhingra, Senior Vice-President (Finance) & Chief Financial Officer, BDEL, said that over the next 6-7 months time, the company would have greater clarity on whether it would be possible to improve the utilisation of its fleet by flying to neighbouring countries. Parked at the Bangalore, Chennai and Kolkata airports, these aircraft which are not currently active during daytime, have a utilisation level of 7-8 hours per day as against the international average of 14-15 hours. BDEL feels their utilisation can be improved if the opportunity to fly on the Chennai-Colombo or Kolkata-Dhaka sectors, is available.

"We should have a clearer picture in 6-7 months time,'' Mr Dhingra said.

He attributed the rise in depreciation to Rs 10.33 crore (Rs 8.23 crore), to investments incurred on the IT front and the company's acquisition of two stand-by aircraft engines. He maintained the IT division would remain within BDEL as a unit servicing IT needs related to BDEL's core business.

On the reduction in BDEL's interest outgo to Rs 11.85 crore (Rs 13.29 crore), he said the company had both repaid debt and reduced the cost of debt.

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