Kojam Fininvest Limited operating profit up 165.4% to Rs.281.1 million

Mumbai, 25 April 2007: Kojam Fininvest Limited has reported Q4 FY2007 results and annual audited results for FY2007. The Consolidated Revenues of the company grew 7.3% to Rs. 1.85 billion, Operating Profit grew 165.4% to Rs. 281.1 million. It reported a Net Loss of Rs. 85.3 million, primarily driven by US operations.

For the year ended 31 March 2007, Kojam revenues grew 41.9% to Rs.7 billion, while operating profit decreased 13.6% to Rs.717.9 million. Net loss for the year was Rs.215.3 million as compared to a Net profit of Rs.67.4 million in FY 2006.

During the year, Gujarat Glass Ltd (GG) revenues grew 23.1% to Rs.3.8 billion. Operating profit grew 31.5% to Rs.1 billion, while Net profit for the year grew 19.1% to Rs.353.5 million.

Ceylon Glass Company Ltd (CGC) revenues grew during FY2007 by 17.9% to Rs.800.8 million. Its Operating profit decreased by 9.6% to Rs.167.62 million, while Net profit for the year decreased by 59% to Rs.33.2 million. The Net profit decrease was primarily because of an accelerated depreciation charge of Rs.36.2 million during the year.

Gujarat Glass International, Inc, USA (GGI) revenues during the year ended March 31 2007 were Rs.2.6 billion. Its Operating loss for the year was Rs.450.8 million, while it reported a Net loss of Rs.735.1 million.

During the year, efforts were initiated towards integrating the US operations of GGI with GGL India, including completion of a new furnace with a capacity of 100 tonnes per day of Cosmetics & Perfumery bottles at Kosamba to service customers of both the companies.

Source : Equity Bulls

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