MUMBAI, May 7: Maharashtra Scooters has reported a lower net profit of Rs 15.75 crore for the year ended March 31, 1997, down by 3.9 per cent over last year's Rs 16.38 crore.

Sales and other income were, however, up by 21 per cent to Rs 293 crore from Rs 241.70 crore. Other income came down from Rs 20.99 crore to Rs 15.50 crore since certain non-recurring income was not earned during the year under review.

The net profit margin was down to 5.57 per cent from 7.42 per cent while the gross profit margin also slumped to nine per cent from 12 per cent.

The board of directors has recommended a 1:1 bonus which will entail issue of 57.14 bonus shares of Rs 10 each. The company will capitalise Rs 5.71 crore from the reserves for this purpose. The directors have also recommended a dividend of Rs 4 per share which will absorb Rs 2.29 crore.

The gross profit before interest and depreciation too has shown a decline to Rs 25.37 crore from Rs 27.40 crore.

The company registered a 22 per cent increase in the production of scooters from 1.26 lakh to 1.54 lakh. Sales were up by 19 per cent to 1.50 lakhs from 1.26 lakh scooters.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.