Hawkins Cooker (508486) Q4 01/02 earnings summary

Executive summary

• First full-year loss since 1961: total income fell 11% to Rs. 1,162.9 million; loss before tax was Rs. 32.2 million and net loss Rs. 20.6 million.

• A proposed dividend of Rs. 1 per share compares with Rs. 3 per share for FY01.

Financial highlights

• Sales were Rs. 1,152.6 million versus Rs. 1,290.5 million in FY01; income from other sources was Rs. 10.3 million versus Rs. 10.0 million.

• Loss before tax was Rs. 32.2 million, versus profit before tax of Rs. 25.0 million; net loss was Rs. 20.6 million, versus net profit of Rs. 18.7 million.

• Basic and diluted EPS was negative Rs. 3.90, compared with Rs. 3.53 in FY01.

• Export FOB value rose 10% to Rs. 73.5 million from Rs. 66.8 million; foreign exchange used increased to Rs. 26.2 million from Rs. 16.3 million.

Outlook and guidance

• A new sales policy was planned for FY03 to better address prevailing market conditions and improve distribution.

• R&D plans focus on quality improvement, cost reduction and new-product introductions, supported by the R&D Centre and Test Kitchen.