Engineering major Crompton Greaves has reported a modest 7 per cent rise in net profit to Rs 23.12 crore during the fiscal ended March 31, 1999, up from Rs 21.52 crore in the previous year. Sales grew from Rs 1,583.53 crore to Rs 1682.46 crore during the period.

The company's board, which met here on Friday, has maintained the dividend at Rs 2.50 per share (25 per cent). The profit before interest and depreciation in 1998-99 amounted to Rs 148.74 crore as against Rs 126.06 crore in the previous year, said a company release.

Gross profit after interest but before depreciation and taxation increased to Rs 69.67 crore from Rs 69.88 crore last year. Exports for the year amounted to Rs 270.58 crore, which includes deemed exports of Rs 101.47 crore, compared to last year's Rs 227.56 crore. Total expenditure stood at Rs 1545.17 crore as against Rs 1468.49 crore in the previous year.

Interest charges shot up to Rs 79.07 crore as compared to Rs 66.18 crore in the previousyear while provision for depreciation increased from Rs 39.36 crore to Rs 45.55 crore during the period. The company had estimated its year 2000 compliance costs at Rs 1.90 crore after having examined its and non-it hardware and software, it added.

The company had estimated its year 2000 compliance costs at Rs 1.90 crore after having examined its IT and non-IT hardware and software, the company release added. The company has forfeited 8,460 shares of Rs 10 each for non-payment of allotment/call monies due there upon, said the release.

Dabur net up

MUMBAI: The board of directors of Dabur India Limited today recommended a 30 per cent final dividend for 1998-99 as its net profit jumped 11.2 per cent to touch Rs 50.10 crore. The company's net profit in 1997-98 was Rs 45.04 crore. Net sales in 1998-99 were at Rs 915 crore, up 12.8 per cent from Rs 811 crore a year ago. The company had paid its shareholders an interim dividend of 20 per cent in December.

Aarti Industries offersbuyback

MUMBAI: Aarti Industries Limited has announced a buy-back offer for its shareholders at a price of Rs 42 per share representing a premium of 54 per cent to the average market price of Rs 27.26 quoted on the Bombay stock Exchange (BSE) in the last six months. The company recorded an increase of 39.48 per cent in its net profit to Rs 17.24 crore for the year ended March 1999 on a turnover of Rs 193.5 crore which showed a decrease of 4.8 per cent over the previous year.

MUMBAI: TRAC Fujico Air Systems Ltd (TFASL) has launched Hyundai's state-of-the-art air-conditioners in Mumbai. This range of ACs is priced at Rs 22,000 onwards. TFASL will initially launch Hyundai's 99 model (a high-wall split unit with micro-processor based control) and will introduce Hyundai's entire range in a phased manner. The ACs will be launched with 75% indigenisation. Hyundai will extend critical components and technical support.