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Otis Q3 net down

MUMBAI: Higher tax provisions pulled down the net profit of Otis Elevator Company (India) Ltd by 15.30 per cent for the third quarter ended September 30, 2000, to Rs 4.70 crore as against Rs 5.55 crore in the corresponding period last year.

Provision for tax jumped up sharply to Rs 4.35 crore (Rs 0.60 crore).

For the nine-month period ended September 30, 2000, the net profit was higher at Rs 12.88 crore as against Rs 11.87 crore in the previous corresponding period.

During the third quarter, net sales increased to Rs 69.99 crore (Rs 63.01 crore). Other income was lower at Rs 1.26 crore (Rs 1.47 crore). Total expenditure went up to Rs 64.13 crore (Rs 60.46 crore). There was no interest cost as in the same period last year. Depreciation declined to Rs 1.38 crore (Rs 1.51 crore). Voluntary retirement costs was lower at Rs 2.88 crore (Rs 3.73 crore). -- Our Bureau