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KOLKATA, May 8

BOC India Ltd has reported profit before tax and extraordinary items of Rs 3.6 crore for the year ended March 31, 2002, up 100 per cent over last year.

The net profit after tax at Rs 2.58 crore showed an improvement of 44 per cent over the last year. The board of directors, at its meeting here on Tuesday, refrained from declaring dividend for the year under review, for the fourth year in succession.

The net profit was arrived after considering an extraordinary charge of Rs 13.03 crore on account of one-off arrear power fuel surcharge claim from its power supplier at Jamshedpur, which was partially setoff by an extraordinary gain amounting to Rs 10.55 crore arising from the sale of a property in Mumbai.

The turnover at Rs 303.8 crore showed a marginal increase despite loss of momentum in the growth of the economy since last year.

The company, according to a press release, continues to generate healthy cash flows and the effort to manage working capital efficiently has resulted in reductions in inventory holdings by 12 per cent and debtors by five per cent.

Significant savings have also been achieved in interest costs through a major programme of debt restructuring resulting in reduction of Rs 4.4 crore.

During the year under review, the company achieved growth of over 40 per cent in the shielding gas business with the Agroshield brand having gained strength in the welding and fabrication market.

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