HEC posts Rs.26.93 crore profit in 2009-10

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SME Times News Bureau | 06 Apr, 2010
State-owned Heavy Engineering Corporation (HEC), engaged in the design, engineering and manufacture of capital equipment, machine tools and spares, said Tuesday it had posted a net profit of Rs.26.93 crore in the 2009-2010 fiscal.

"In the 2009-2010 financial year, HEC has posted a net profit of Rs.26.93 crore as against Rs.18.37 crore in 2008-09. The gross sales of the company was Rs.511.84 crore in 2009-2010 compared to Rs.453.87 crore in 2008-2009," G.K. Pillai, HEC chairman-cum-managing director told reporters here.

Pillai also said the net worth of the company had become positive from April 1.

For the current financial year, the company has set a target of gross sales of Rs.700 crore and net profit of Rs 36.80 crore.

"This is a matter of pride that HEC has posted profit for the fourth successive year," he said, adding that HEC had come out of the BIFR (Bureau of Industrial and Financial Reconstruction) list of sick companies.

BIFR hears cases of companies which apply for being declared sick and it decides whether or not the unit deserves to be termed sick and closed down.

HEC, set up in 1958, went to BIFR in late 1990 and it was recommended that the company be closed down.