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Spencer net rises to Rs 92 lakh in first-quarter
Arpan Mukherjee
Calcutta, Aug 4: RPG group company Spencer & Co Ltd has reported a drop in sales to Rs 70.62 crore in the fiscal first quarter to June 30, 2000, from Rs 82.66 crore in the year-earlier quarter. However, the company's quarterly net profit increased to Rs 92 lakh from Rs 84 lakh a year ago. The company says that the first quarter results of this fiscal and the previous one are not comparable since FoodWorld business was transferred to a new joint venture - Foodworld Supermarkets Ltd - as a going concern on October 1, 1999. A statement from the company says that this fiscal first quarter's sales turnover of Rs 70.62 crore was contributed mainly by the Airline GSA business which recorded a robust growth of 32 per cent. The Spencer board met in Calcutta on Friday to approve the unaudited results for the quarter.The board also recommended a 12 per cent dividend (Rs 1.20 per share) on a net profit of Rs 5.92 crore for the year to March 31, 2000. The statement also says that the retail initiatives of the company recorded a phenomenal growth. Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.
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