Can Fin Homes, Ceat, Ispat results

Can Fin Homes net edges up to Rs 4 cr
Can Fin Homes reported a net profit of Rs 4.03 crore for the quarter ended June 2003, up 6.3 per cent from the corresponding quarter last year.

Sanctions and disbursements stood at Rs 125.11 crore and Rs 109.26 crore, an increase of 13.67 per cent and 10.5 per cent, respectively.

Cumulative sanctions increased to Rs 3250.35 crore and cumulative disbursements to Rs 2779.68 crore. At the AGM on July 21, Can Fin Homes declared a 25 per cent dividend for 2003-04.

Ceat Q1 net plummets to Rs 37 cr
Tyre maker Ceat posted a paltry net profit of Rs 37 lakh in the first quarter of the current year, compared with Rs 6.37 crore in the previous comparable period. Net sales rose to Rs 346.22 crore (Rs 315.22 crore).

The reduction in net profit was due to drop in other income to Rs 11.19 crore (Rs 69.02 crore) and rise in consumption of raw materials to Rs 243.65 crore (Rs 215.43 crore).

Operating profit was at Rs 23.71 crore (Rs 59.15 crore). A press release said while sales grew on account of higher demand for its products, margins continued to be affected due to high prices of natural rubber.

Ispat in the red, Q1 loss at Rs 45.6 cr
Ispat Industries has slipped into the red, after recording a turnaround last year. The P K Mittal-controlled company reported a net loss of Rs 45.62 crore for the first quarter ended June 30, 2004, against a net profit of Rs 10.9 crore in the corresponding quarter of the previous year.

Interest costs jumped up by almost 129 per cent at Rs 164.46 crore (Rs 71.85 crore) while depreciation costs grew 109 per cent at Rs 108.92 crore (Rs 52.14 crore). Net sales increased at Rs 1244.20 crore (Rs 743.14 crore). Operating profit went up by 90.5 per cent at Rs 202.90 crore (Rs 106.55 crore).

Senior company executives said: "Now that our expansion project has been commissioned, the interest accrued and the depreciation costs are being charged to the revenue account, instead of being accounted for as project cost. Therefore the bottomline has been impacted."