COMPANIES

results for the year to March 1968. Although completed contracts edged up by Rs 11 lakhs to Rs 9.32 crores, gross profit shrank by over Rs 10 lakhs to Rs 42 lakhs. Net profit was Rs 4 lakhs (Rs. 11 lakhs) and dividend is again skipped. This outcome is attributed to the general recession and rising costs. The volume of work in hand has shrunk due to delay in finalisation of the Fourth Plan. Gammon's subsidiary, Freyssinet Prestressed Concrete, too had a poor year. The associated company, Gamsha Pipe and the Gammon-Shah partnership showed further losses. Gammon Nigeria and Gammon Ghana have gone into voluntary liquidation. Gammon India has announced its proposal to issue rights shares at par. The Rs 10 shares are at present quoted at over 40 per cent discount. When the Company became public a few years ago, the shares had been issued at a premium of 70 per cent Three new directors with "wide and varied experience" were appointed to the Board in October last.