EC to drop anti-dumping charges against Moser Baer

Monday, 13 January 2003, 20:30 IST
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NEW DELHI: Moser Baer India Ltd., one of the world's largest optical compact disc makers, said Monday the European Commission (E.C.) has "proposed" to drop the anti-dumping proceedings on the company's recordable compact discs. Moser Baer had earlier announced that it was "undergoing a European Commission anti-dumping inquiry" for recoradable compact discs. "This announcement validates our company's stand and belief on fair trade practices," said Deepak Puri, chairman and managing director of Moser Baer India Ltd. "The favourable conclusion of the investigation mitigates the uncertainty existing within the market and our shareholder community on the future of our exports to the European Union. "This move is expected to benefit our customers in the European Community, and strengthen our long term relationship with them," Puri said in a statement issued to the Bombay Stock Exchange. Net profit of Moser Baer for the quarter ended September 2002, stood at Rs 531.4 million as compared to Rs 541.3 million in the corresponding period in 2001. Turnover was, however, was up by 29 percent at Rs 2.15 billion from a year ago. The company had earlier said it was fully cooperating with the European Commission in the anti-dumping inquiry regarding exports of recordable compact discs.
Source: IANS
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