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Apollo Tyres profit dips 52%NEW DELHI: Onkar Singh Kanwar-controlled Apollo Tyres Ltd has recorded a 52 per cent dip in its net profit du...

Apollo Tyres profit dips 52%
NEW DELHI: Onkar Singh Kanwar-controlled Apollo Tyres Ltd has recorded a 52 per cent dip in its net profit during the first quarter of the current financial year. Apollo’s net profit in the period between April and June this year has gone down to Rs 3.43 crore from Rs 6.62 crore in the corresponding period last year.

The company’s sales turnover in the first quarter of the current fiscal has gone down by 41 per cent as against that recorded in the same period last year. In the first three months of the financial year 1997-98, Apollo has recorded a turnover of Rs 168.97 crore as against Rs 288.47 crore in the first quarter of 1996-97. Apollo’s other income during the first quarter 1997-98 has however, shown a jump from Rs 0.06 crore in the first quarter 1996-97 to Rs 0.43 crore in 1997-98. Further, the company’s gross profit after interest but before depreciation and taxation has gone down from Rs 12.67 crore in the first quarter 1996-97 to Rs 9.48 crore in the sameperiod.

Siemens continues in red
MUMBAI: Siemens Ltd has declared a loss of Rs 15.26 crore for quarter ended June 1998. Since their accounting year ends September, the net loss was lower at Rs 28.26 crore for the first nine months for 1997-98 compared to Rs 69.8 crore for the corresponding period last year. Net sales for the quarter stood at Rs 175.28 crore. For the nine month period under review net sales declined from Rs 779.8 crore for the corresponding period last year to Rs 687.42 crore.

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While expenditure has increased from Rs 702.97 crore in the first three quarters of last year to Rs 843.55 crore this year, interest costs have almost halved from Rs 62.36 crore to Rs 37.09 crore.

ICICI probes REPL transactions
MUMBAI: ICICI is probing the accounting transactions made by REPL Engineering Ltd in 1997 to verify the genuineness of its balance sheet. While ordering the probe, the BIFR had declined to declare the company sick in view of the serious doubts raised by IDBI, ICICI andbanks regarding the company’s financial deals. REPL had approached BIFR two months ago for being declared sick as its losses had suddenly mounted to Rs 62 crore, eroding the net worth. Its case is symptomatic of the rising number of profit-making companies in recent times which have knocked on BIFR doors after showing sudden losses.