Mumbai, May 31: Parke-davis India has registered a 140 per cent jump in net profit to Rs 16.61 crore for the year ended March 31, 2000 as against Rs 6.93 crore in the previous year. Net sales increased by almost 12 per cent to Rs 200.39 crore from Rs 179.29 crore in the previous year.Total expenditure increased by around 8 per cent from Rs 160.52 crore to Rs 173.78 crore, while interest expenditure at Rs 5.89 crore was almost 40 per cent lower than the previous year's figure of Rs 9.79 crore.
A company press release said that the significantly higher profits are despite an additional depreciation charge of Rs 1.28 crore, due to the revision in depreciation rates of certain assets. Depreciation for the year was Rs 7.98 crore as compared with Rs 6.68 crore in the previous year. The reserves shot up by over 40 per cent from Rs 23.72 crore to Rs 33.63 crore.Payments towards VRS and compensation payments stood at Rs 6.36 crore. These payments are charged to the profit and loss account within a period of sixty months from accrual.
The company has signed a memorandum of intended transfer for the sale of its property at Saki Naka, Mumbai for an aggregate consideration of Rs 49.30 crore. The sale is expected to be completed during the current financial year.
The board has not recommended any final dividend for the year ended March 31, 2000.
Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.