For the year ended March 1996, India“s Victory Glass, on a turnover of Rs 269 million made a net profit of Rs 32 million. Earnings per share on an equity capital of Rs 22.90 worked out to Rs 14.10. T…
For the year ended March 1996, India“s Victory Glass, on a turnover of Rs 269 million made a net profit of Rs 32 million. Earnings per share on an equity capital of Rs 22.90 worked out to Rs 14.10. The glass producer also gave its financial projections for the next three years. Turnover is expected to rise 22% to Rs 329 million in 1997 and should reach Rs 357 million by 1998. However, it is predicted that this figure will be unchanged in 1999. Profits after tax are to rise in 1997 and 1998 to Rs 50 million and Rs 64 million respectively, but are due to fall to Rs 44 million in 1999. Victory Glass has announced a public issue of fully convertible debentures in order to finance the expansion of its glass bottle manufacturing capacity, to set up a wind power project and a PET bottle manufacturing unit. The total cost is estimated at Rs 272 million. The company has already spent Rs 118 million on the project drawing funds from term loans, internal accruals and advance against rights issue from the promoters. The glass manufacturing capacity has been expanded from 31,000 tonnes per annum to 36,500 tonnes per annum at the existing plant in the Bangalore district of India.