Mico Net Up 31% At Rs 80 Crore

Despite a drop in production volume, automobile component major Motor Industries Company Ltd (Mico), part of the German Bosch group, has registered a 31.7 increase in net profit to Rs 80.2 crore for calendar year 1997. Mico's sales turnover also rose by 18 per cent over the previous year from Rs 1163.6 crore to Rs 1373.2 crore. Profit before tax was maintained at 9.3 per cent of turnover at Rs 127.5 crore (Rs 107.5 crore previously). The company has recommended a dividend of Rs 26 (previous year Rs 24) per share for the year.