ION EXCHANGE-Rights Issue Well Received

the year ended June 1987 with lower sales, profits and margins compared to the previous year. The directors have lowered equity dividend by 5 points to 15 per cent. Sales have shrunk from Rs 108.47 crore to Rs 89.04 crore and gross profit has dropped from Rs 7.30 crore to Rs 4.11 crore, reflecting a marked decline in profit margins. With depreciation claiming more than last year, net profit is down from Rs 4.78 crore to Rs 1.71 crore. The reduced distribution is covered 2,70 times by earnings as against 5.67 times previously.