Tube Investments logs 37 percent net profit growth

Chennai, April 30 (IANS) City-based multi-product company Tube Investments of India Ltd. (TII) closed last fiscal with 37 percent growth in its consolidated net profit, and the company's Board of Directors Monday recommended a final dividend of Re.1 per share.

In a statement issued here, the firm said the company board met here and approved the financial results and recommended a final dividend. In February this year, the board had declared 100 percent on the company's equity shares having a face value of Rs.2.

The company closed last fiscal with a consolidated net profit of Rs.269 crore up from Rs.196 crore posted during 2010-11.

TII's financial subsidiaries - Cholamandalam Investment & Finance Company Ltd. and Cholamandalam MS General Insurance Company ltd - had earned a net profit of Rs.169 crore and Rs.19 crore respectively last fiscal up from Rs.85 crore and a net loss of Rs.23 crore logged during 2010-11.

On the other hand, Financiere C 10, TII's overseas subsidiary manufacturing industrial chains achieved a turnover of Rs.216 crore, a growth of 23 percent and a profit after tax of Rs.5 crore, a growth of 67 percent for the period January to December 2011.

TII's consolidated income for 2011-12 stood at Rs.6.441.83 crore up from Rs.5,048.83 crore posted during the previous year.

According to TII, the bicycle division logged eight percent volume growth while the margins were under pressure.

The company's engineering division making tubes and cold rolled steel-strips and the metal formed product division also registered volume growth.