MUMBAI, April 21: Apple Finance's net profit for 1997-98 has fallen by 16 per cent to Rs 22.18 crore on an annualised basis. The fall in the company's net profit is on account of the higher provisions made for taxation at Rs 3.08 crore compared with Rs 1.14 crore in the previous fiscal.The company's board of directors has declared a dividend of 12 per cent and the total payout amount to Rs 7.35 crore.
Gross profit before interest, depreciation and taxation stood at Rs 173.53 crore as against the previous year's annualised figure of Rs 145.76 crore. The total revenue stood at Rs 206 crore, a jump of 22 per cent over the previous fiscal, while the total expenditure stood at Rs 32.74 crore compared to the 1996-97 figure of Rs 35.53 crore.
Apple Finance reduced its dependence on fixed deposits (FDs) from the public during 1997-98, and has turned to instituitional and bank funds through non-convertible debentures. Apple Finance continues to enjoy an AAA rating from Icra for its FDs and secured convertibledebentures. On the service side, Apple Car Finance is now available across 94 outlets.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
