Finolex Q3 net dives to Rs 2.5 crore
Increase in feedstock prices has affected the profitability of Finolex Industries Ltd. As the entire price rise was not passed on to the customers in the long-term interest of the business, the company's net profit for the third quarter ended April 2000 fell to Rs 2.5 crore from Rs 12.2 crore during the third quarter last year. Total income has gone up to Rs 206 crore from Rs 165 crore during the quarter. However, for the nine months ended April 2000, the net profit is Rs 55.89 crore compared to previous year's Rs 24.5 crore.Parrys Confectionery incurs loss
The board of directors of Parrys Confectionery Ltd has incurred a loss of Rs 16.58 crore as against a profit after tax of Rs 3.36 crore last year. The board expressed its inability to quickly respond to changing customer preference and competition and poor working capital control as the reasons for drop in sales from Rs 139 crore to Rs 94 crore,according to a company release in New Delhi on Wednesday.
India-Oman JBC chairman
Thomas Cook (I) Ltd chairman Pradip Madhavji has been invited by the India-Oman Joint Business Council to chair the council meetings from the Indian side. Madhavji will share the dais with minister of state for commerce Omar Farooq Abdullah and minister of state and industry of Sultanate of Oman HE Maqbool Ali Sultan. The chairmanship of JBC is valid for two years.
ITW Signode turns balck
ITW Signode has bounced back into the black with a net profit of Rs 14.55 crore for 1999-2000, against a loss of Rs 26.44 crore during the previous fiscal. The company registered a 9 per cent increase in turnover, from Rs 172.5 crore to Rs 188.2 crore, while other income during the year stood at Rs 4.4 crore.
BIFR declares Incab sick
Incab Industries Ltd has been granted sick industrial company status by the Board for Industrial and Financial Reconstruction (BIFR).
Srinivas Shenoy is Bank of Baroda CMD
P Srinivas Shenoy until recently executive director, Bank of Baroda has been appointed as its chairman and managing director. Shenoy will have a tenure up to February , 2005. Shenoy started his banking career asa Bank of India officer in 1966.
FE staffer retires
Mohideen R Khan, Daftary, retired from The Financial Express on May 19, 2000.after 38 years of service with the company.
New managing director for SBT
PN Venkitachalam has been appointed as the ,managing director of State Bank of Travancore (SBT). Venkitachalam succeeds Vepa Kamesam as MD. Kamesam has been appointed as the MD of SBI. Kamesam has been heading the bank since August 1998. Venkitachalam has been with SBI as deputy managing director (credit).
Dhanalakshmi Bank to pay 20%
Thrisur-based Dhanalakshmi Bank has declared a dividend of 20 per cent for the financial year 1999-2000. The bank chairman, TM Venkataraman said here on Wednesday that profits had touched 11.28 crore, an increase of over 191.47 per cent over last years figure of Rs. 3.87 crore.
Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.