HPCL, Jessop, Lotte quarterly results

CORPORATE SCORECARD

HPCL Q4 profit drops 73%

State-run oil refiner Hindustan Petroleum Corp announced 72.7 per cent dip in net profit for the fourth quarter ended March 31, 2007, at Rs 549.54 crore compared with Rs 2,013.41 crore for the same period in the previous financial year. Total income (net of excise), however, rose 5.3 per cent to Rs 22,045.94 crore for the January-March quarter against Rs 20,943.15 crore for the corresponding period last fiscal, HPCL informed the Bombay Stock Exchange.

Meanwhile, the board has recommended a final dividend of 120 per cent, in addition to the interim dividend of 60 per cent paid in December 2006, HPCL added. For the year ended March 31, 2007, the company posted a net profit of Rs 1,571.17 crore, up four-fold compared with Rs 405.63 crore in the previous financial year. Total yearly income (net of excise) grew by 26 per cent to Rs 89,725.77 crore in FY07 as against Rs 71,255.49 crore for the fiscal ended March 31, 2006.

The group posted a net profit of Rs 1,674.02 crore for the year ended March 31, compared to Rs 452.07 crore last fiscal.

Total income (net of excise) of the group increased to Rs 94,680.63 crore, from Rs 75,541.99 crore on consolidated basis.

Jessop FY07 net up 11% at Rs 10.17 cr

Jessop & Co has recorded a net profit of Rs 10.17 crore ore for FY07, up 11.03 per cent over the same period last year. Total income was at Rs 83.92 crore, an increase of 6.67 per cent. Pawan Kumar Ruia, chairman of Jessop & Co, said, "Jessop is consolidating its position in the industry. In 2006-07, wagon production has improved by 153 per cent over last year. The company has made a foray into the non-railway market and most of the major steel plants are now in the portfolio of the company. We are hopeful about a contribution of about 10 per cent from this sector." The Jessop board has declared a 10 per cent dividend for the year.

Lotte India bottom line drops 23%

Lotte India Corporation has posted net profit of Rs 53 lakh for the fourth quarter ended March 31, 2007, a drop of 23 per cent from Rs 69 lakh posted in the corresponding quarter a year earlier, according to a company release.The company's gross sales for the fourth quarter ended March 31, 2007 touched Rs 42.52 crore, up 7.7 per cent from Rs 39.47 crore during the fourth quarter of the previous year. Net profit after taxation at the end of fiscal 2007 was Rs 1.21 crore, a 14 per cent slide from Rs 1.41 crore posted at the end of fiscal 2006. However, the company achieved an improved profit before interest and tax figure of Rs 3.51 crore, compared with Rs 3.14 crore in the previous year, despite the steep increase in the cost of critical raw materials such as liquid glucose and vanaspati during the second half of the year. This was achieved through various strategic market initiatives and cost management measures undertaken by the company.

During the year, the company availed of loans worth Rs 30 crore to acquire land at two locations in Chennai to meet its future growth plans, and an interest of Rs 66.80 lakh was incurred on these loans. Accordingly, profit before tax and after interest decreased to Rs 2.81 crore in fiscal 2007 from Rs 3.06 crore in 2006, adversely affecting the net profit for the year.

For the year ended March 31, 2007, gross sales reached Rs 162.17 crore, an increase of 11 per cent from Rs 146.08 crore achieved in the previous year.