What a Plunge

for which Premier Tyres has a "letter of intent'' to produce two million tyres and tubes per annum. Meanwhile, machinery has been imported for production of 40,000 scooter tyres/tubes a year and this will shortly go into production. During the year to March last, the company's plant could work for only 8 months because of labour trouble, Turnover declined by 10 per cent to Rs 9.07 crores, but gross profit slumped 19 per cent to Rs 79 lakhs. Net profit was Rs 57 lakhs (Rs 78 lakhs) but the equity dividend, stepped up 4 points to 10 per cent, was still covered over 3.5 times. The plant had to be shut for a month this year also, but production so far has been at a higher level compared to that in the same period last year. The raw material inventory is adequate and trading conditions are "reasonably good". This holds out promise of improved results for the current year.