MUMBAI, June 25: Colour-CHEM has registered a 58.73 per cent jump in net profit at Rs 38.27 crore for the year ended March 31, 1998 as against Rs 24.11 crore in the previous year. The increase in profits is partly due to a significant spurt in other income to Rs 46.75 crore from Rs 14.24 crore in the previous year. The board has recommended a final dividend of Rs 52 per equity share of Rs 100 each. Taking into account the special interim dividend of Rs 108 distributed in September 1997, the total dividend payout for the year is Rs 160 as against Rs 60 in the previous year.Turnover rose 11.2 per cent to Rs 372.86 crore compared with the previous year despite the assignment and transfer of the textile dyes business to DyStar India with effect from September 1, 1997. Exports jumped 44.1 per cent to touch Rs 108 crore during the year.
A considerable increase in sales of pigments and textile auxiliaries offset the adverse impact of the relatively poor performance of the agrochemicals and leather chemicalsbusinesses and a steep increase in the prices of key raw materials, said a press release. The company has received a compensation of Rs 29.50 crore for the assignment of the textile dyes business (net of taxes - Rs 19.17 crores). The operating profit after tax excluding this extraordinary income was Rs 19.10 crores. Total expenditure for the period was higher at Rs 311.68 crore as against Rs 253.76 cr in the previous year.
Interest was lower at Rs 9.77 cr. Depreciation and provision for taxes was Rs 10.07 crore and Rs 13.25 crore, while excess provision for taxes in the previous years was Rs 1.17 cr.
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