Telco H1 losses at Rs 54 crMUMBAI: Automobile major, Tata Engineering and Locomotive Company Ltd (Telco) has reported a net loss of Rs 54.47 crore for the first half of current fiscal as compared to a net profit of Rs 213.93 crore recorded in the same period of last year.The net sales/other income from operations for the first half crashed to Rs 2,713.80 crore as compared to the Rs 3,850.17 crore recorded in the same period last year. For the second quarter of 1998-99, the company made a loss of Rs 18.84 as compared to the profit of Rs 123.43 crore recorded in the same period of last year. Due to the slowdown in heavy commercial vehicle sales, Telco's gross profit dropped to Rs 81.77 crore (Rs 379.58 crore). The provision for depreciation amounted to Rs 136.24 crore (Rs 124.65 crore). Exports of the company crashed to Rs 227 crore (Rs 260.67 crore). The Tata group firm witnessed marginal improvement in sales in the second quarter of 1998-99, but the first half sales volume remained down to 53,224vehicles from 83,363 vehicles in the corresponding period of 1997-98.ITC Bhadrachalam in Rs 46 cr lossCALCUTTA: ITC Bhadrachalam Paperboards Ltd on Tuesday reported a loss of Rs 46.34 crore on net sales of 144.68 crore for the first six months of the current year. In 1997-98, the full year's loss was Rs 48.96 crore on sales of Rs 210.24 crore. In 1997-98, the company had made a provision of Rs 40 crore on account of likely erosion in the value of its investments in ITC Bhadrachalam Finance & Investments Ltd. The loss in the first six months of the current year is largely on account of the massive interest burden of Rs 35.19 crore and higher depreciation charge of Rs 19.44 crore. Gross loss for the half year to September 30, 1998, was Rs 26.90 crore against a profit of Rs 11.70 crore in the corresponding half of 1997-98.Corpn BankMUMBAI: Corporation Bank has recorded a 25.4 per cent rise in its net profit for the half-year ended September 30, 1998. The bank's net profit, which stoodat Rs 85.08 crore during the first half of 1997-98, has increased to Rs 106.73 crore. The operating profit of the bank during the six month period ended September 30, 1998, stood at Rs 167.75 crore, registering a growth of 14.8 per cent over the operating profit of Rs 146.13 crore during the corresponding period in the previous year.BoB net profit upMUMBAI: Bank of Baroda has recorded a net profit of Rs 101 crore during the first half of 1998-99 after making all provisions. The operating profit stood at Rs 277 crore. As on September 30, domestic credit of the bank stood at Rs 17,922 crore, a growth of about 20 per cent as against a growth of 21.8 per cent in domestic deposits at Rs 33,223 crore during the six-month period.ACC wins awardMUMBAI: The Associated Cement Companies has won the FICCI award for Environment Management for adopting innovative measures for pollution control, waste management and conservation of mineral resources in mines, and cement plant in Himachal Pradesh.This award has been bagged by ACC's Gagal Cement Works located in HP.The ACC Gagal unit has also received the ISO 14000 certification.Glaxo net upMUMBAI: Glaxo India's net profit has risen sharply to Rs 21.51 crore for the third quarter of 1997-98. This is compared to the Rs 26.48 crore earned for the first half of the current year. The good performance comes despite the sharp decline in other income which stood at Rs 5.84 crore for the third quarter compared to Rs 16.44 crore for the first half.
