Mumbai, May 31: CibaI Speciality Chemicals (India) has registered a marginal decline in its net sales to Rs 308.2 crore for the fiscal 1998-99, from Rs 311.8 crore the previous year. Net profit has, however, risen to Rs 11.9 crore, from Rs 8.5 crore in the previous fiscal. But for the transfer of the domestic textile dyes and pigments businesses to joint-venture companies Indo Swiss Textile Chemicals and Pigments Specialities India Ltd respectively, the comparative turnover has recorded a growth rate of 11 per cent.The increase in net profit is accounted for by the sharp rise in other income to Rs 13 crore, compared to Rs 10.2 crore the previous year. The company has announced a dividend of 30 per cent, compared with 27 per cent in the previous year.
The other income includes Rs 2.2 crore earned from the sale of fixed assets of the chemical development business and another Rs 1 crore earned on sale of long-term investment.
Interest costs have increased from Rs 4.0 crore to Rs 4.5 crore. Depreciationhas increased from Rs 9.2 crore to Rs 11.2 crore. The increase in depreciation is on account of the company revising the estimated useful life of EDP equipment and vehicles for computing depreciation. The revision has resulted in an additional depreciation charge of Rs 2 crore for the year. The company's total expenditure has declined from Rs 295.7 crore to Rs 289.8 crore.
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
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