Lakme has recorded a net profit of Rs 99.11 crore for the fifteen months ended June 30. The company has extended its financial year from March to June, 1998.
In the nine month ended June 30, 1998, net profit fell to Rs 10.85 crore compared with Rs 91.05 crore in the corresponding period last year.
The profit during this period was due to the sale of its cosmetic division as a going concern to Hindustan Lever Ltd (HLL) for Rs 97.51 crore.
Lakme sold its cosmetics undertaking to Hindustan Lever Ltd (HLL) in May, 1998. The company has sold its industrial undertaking at Deonar and shares held by the company in the capital of Lakme Lever Ltd to Hindustan Lever.
Lakme has already declared and paid an interim dividend of 600 per cent amounting to Rs 80.52 crore which, along with the tax on dividend, amounts to Rs 88.58 crore. This amount has been paid out of the net profit of the 15 month period ended June 30, 1998.
During the extended financial year, the company has provided Rs 30 crore towards tax and has charged Rs 1.21 crore as depreciation.
The interest and expenditure stood at Rs 44.67 lakh and Rs 43.82 crore respectively.
