MICO turnover up by 28 per cent, profits down for 2005

Bangalore, Mar 9 (UNI) MICO, a leading automotive component industry of the Robert Bosch Group in India today announced a 28 per cent increase in its sales for calender 2005 at Rs 2978 crore with the profits before, interest, depreciation and tax marginally up by 6.5 per cent at Rs.670 crore.

The total turnover for the year including other income crossed the Rs 3000 crore for the first time at Rs 3102.91 crore with the turnover for 2004 being Rs 2435.5 crore. Contriubtion of Auto parts was Rs 2746.93 crore as against Rs 2150.42 crore for the previous year.

MICO Jt Managing Director V K Vishwanathan talking to newsmen through a teleconference said Robert Bosch continued to view critically its operations in India and would maintain a level of investment of Rs 3.5 to Rs Four billion in new technologies. Income from new technologies including Common Rail and fuel pumps would in the coming years contribute to over 50 per cent of the turnover he added.

The net profit of Rs 343 crore was however lower than Rs 375 crore earned in 2004. The decline was mainly due to increase in depreciation costs due to investment and introduction of new technologies he said. Howev*er this would taper of in around 18 months time, he added.

New investments to the tune of around Rs 200 Crore would be made in two plants in Bangalore besides an investment of Rs 650 to Rs 700 crore in Nasik over the next two years, Mr Vishwanathan said.

Mr Vishwanathan would be shortly taking up a new assignment in Robert Bosch in the United States.

UNI VK RKN1248