Indo Rama Synth fares well

Indo Rama Synth fares well
ENS ECONOMIC BUREAU

MUMBAI, JAN 22: Indo Rama Synthetics has reported a turnaround in its operations for the third quarter ended December 1999. On the back of a 42 per cent growth in turnover, the company has reported a net profit of Rs 2.17 crore for the quarter ended December 1999 against a net loss of Rs 30 crore in the corresponding quarter of last year. Here has been a vast improvement in the company's performance and the operating profit zoomed by 83 per cent to Rs 64 crore, up from Rs 35 crore in the corresponding period of last year. Turnover improved from Rs 345 crore to Rs 490 crore and sales volume during the period at 77,217 tonnes was up by 15 per cent from 66,251 tonnes last year.

However, for the nine-month period ended December 1999, the company remained in red. Net loss at Rs 12.9 crore stood reduced substantially from Rs 115.6 crore in the corresponding period of last year. Indo Rama's turnover for the nine months at Rs 1,282 crore was up from Rs 1,000 crore during the corresponding period of last year.

ESCORTS PROFITS UP: Tractor major Escorts Ltd reported a net profit of Rs 57 crore for the quarter ended December 31, 1999 as against a net loss of Rs 22.19 crore for the corresponding period the previous year.

The net profit includes the income from extra-ordinary items of Rs 69.5 crore for the same quarter.