Jessop in the black after 16 years

Jessop & Co has reported a net profit after 16 years since 1989. The ailing public sector company was taken over by the Ruia group a couple of years ago and reported a net profit of Rs 4.82 crore for 2004-05.

In 2003-04 it registered a net loss of Rs 6.38 crore.

The company witnessed a quantum improvement in many areas of operations "" road rollers were sold to Bangladesh. It received an export order from China for Life Cycle Test of powered roof support for coal mines which was successfully accomplished.

Jessop's structural division supplied girders for the Park Street Flyover and crane, hopper and warehouse for Tata Martrade International Logistics at Haldia Dock Complex.

"Indian Railways also renewed their demand for Jessop's wagons & coaches. As many as 262 wagons and 33 EMU coaches were manufactured last year, a record unsurpassed in the past ten years," said officials from the company.

All these translated into a net sales figure of Rs 76.96 crore reflecting a 66 per cent growth over the last fiscal. "In 2004-05 will be considered as a watershed in Jessop's history," the official added.

"Jessop's association with the Ruias, which began in August 2003, has demonstrated that the company has built a business model that delivers strong financial results. The marketing division was revamped with new branches at Ahmedabad, Chennai, Hyderabad and Bangalore. Offices were also opened in vicinity of steel plants like Bokaro, Rourkela, Jamshedpur, Bhilai and Visakhapatnam," he said

"The order book has registered regular flow of new orders including Wagons for TISCO and Rotating Trolley Crane for the Durgapur Steel Plant. Jessop has put its best foot forward. This is just the beginning," explained Pawan K Ruia, chairman, Jessop.

In 2003-04 Jessop entered into collaborations with world-renowned companies from Singapore, Australia and Ukraine to expand its activities into other areas like shipbuilding and repairing, hydrocarbon projects and water treatment plants.