Hmv Declares Dividend After 16-Year Gap

The R P Goenka-controlled Gramaphone Company of India (GCIL), better known as HMV, has returned to the dividend list after a 16-year gap. The GCIL board yesterday recommended a 10 per cent dividend.

This, an RPG group statement said, would absorb Rs 73 lakh and another Rs 7 lakh on account of the corporate dividend tax. However, sales and licence fees in 1996-97 were lower than in 1995-96 as the latter years figures included the overseas music business which is now handled by wholly owned GCIL subsidiary, RPG Music International.

GCILs sales and licence fees reached Rs 90.34 crore, down from the previous years Rs 100.26 crore. In 1996-97, RPG Music International recorded a Rs 8.41 crore turnover and a pre-tax profit of Rs 2.04 crore.

 

GCILs gross profit during 1996-97 stood at Rs 5.54 crore, against the previous fiscals Rs 4.80 crore. Post-tax profits were at Rs 3.85 crore (Rs 3.86 crore). The company has made a provision of Rs 57 lakh for tax, which is the impact of the minimum alternate tax (MAT). In the previous fiscal, provision for tax was only Rs 9 lakh.