CHENNAI, March 1: The city-based Apple Credit Corporation has recorded a 14.06 per cent increase in its total income for the six-month period ended December 31, 1997. An official statement from Apple Credit said that total income stood at Rs 63.77 crore, gross profits at Rs 18.88 crore and net profits at Rs 10.11 crore. The annualised earnings per share works out to Rs 14.98, it added.T N Padmanabhan, chairman of the company, said that profitability had been maintained despite the difficult conditions that plagued the industry. While the total income of the company has gone up, profit figures have declined compared with the previous corresponding period. Apple Credit had made gross profits, after interest before depreciation and tax of Rs 20.11 crore in the first half of 1996-97 against the current Rs 18.88. Similarly net profits too have gone down to Rs 10.11 crore from previous year first half's Rs 10.83 crore.
The drop in the last mentioned figures could be due to the doubling in tax provisions,marked at Rs 1.35 crore against Rs 65 lakh last year. Interest charges too have shot up to Rs 37.83 crore from Rs 29.33 crore in the six months ended December 31, 1996. Yet another factor could be the rise in administrative and employment expenses currently at Rs 7.07 crore against Rs 6.46 crore previously. The paid-up capital is unchanged at Rs 13.50 crore while capital adequacy stood at 18.97 per cent .
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
