Akzo Nobel net profit jumps to Rs 238 cr in Q4
Kolkata, May 10: Paints major Akzo Nobel India on Thursday reported more than three-fold jump in its standalone net profit to Rs 238 crore in the quarter ended March 31, 2018 as compared to Rs 73 crore in the corresponding period of previous year.
Revenue from operations, in the quarter under review, was at Rs 772 crore, up by about 10 per cent from Rs 705 crore in the corresponding quarter of the previous year on a comparable basis.
The paint maker also said its net profit including exceptional items was at Rs 401 crore in 2017-18 as compared to Rs 247 crore in the previous year.
"Operating in a challenging business environment, we have delivered improved performance both in terms of revenue and profit. Transition to GST and high raw material costs impacted business performance. We continued our focus on product innovations, operational excellence programmes and commitment to sustainability," its Managing Director Jayakumar Krishnaswamy said.
Company Chairman Amit Jain said that 2017-18 has been a year of transformation for the paint maker following the separation of specialty chemicals business.
A share buyback programme has been initiated for the benefit of the public shareholders of the company and the Board has recommended a dividend of Rs 22 per share.
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US President Biden assures peaceful transfer of power in January
Washington, Nov 7: Outgoing US President Joe Biden on Thursday vowed to ensure a peaceful and orderly transfer of power to President-elect Donald Trump in January and appealed to the people to accept the election results for the White House.
Biden made the comments during an address to the nation a day after Trump, 78, was re-elected as the 47th president of the US after defeating Vice President Kamala Harris, the Democratic Party's nominee.
Biden said he spoke with Trump and also with Vice President Harris, who he said ran an inspiring campaign.
Trump, who had lost the 2020 elections to President Biden, won this time both in terms of popular votes and electoral college votes.
“Yesterday, I spoke with President-elect Trump to congratulate him on his victory. I assured him that I would direct my entire administration to work with his team to ensure a peaceful and orderly transition," Biden said in his address from the Rose Garden of the White House.
"That's what the American people deserve,” he added.
"For over 200 years, America has carried on the greatest experiment in self-government in the history of the world," he said, adding that the people vote and choose their leaders and do it peacefully.
"In a democracy, the will of the people always prevails," said Biden in his address attended by members of his Cabinet and senior administration officials.
Biden said he hoped the election could also lay to rest the question about the integrity of the American electoral system.
“It is honest, it is fair, and it is transparent. It can be trusted, win or lose. I also hope we can restore the respect for all our election workers who busted their necks and took risks at the outset,” he said.
“As they did their duty as citizens, I will do my duty as president. I'll fulfill my oath and I will honour the Constitution. On January 20th, we'll have a peaceful transfer of power here in America,” Biden said.
Rebutting criticism of his economic policy, Biden said his administration is leaving behind the strongest economy in the world.
Biden said he also spoke with Vice President Harris.
"She's been a partner and a public servant. She ran an inspiring campaign, and everyone got to see something that I learned early on to respect so much: her character... She has great character, true character,” he said.
Biden added that Harris -- who took after Biden withdrew in July-- gave her "whole heart and effort" to her presidential campaign.
"I know for some people, it's a time for victory, to state the obvious. For others, it's a time of loss," he said.
Adding that campaigns are contests of competing visions and the country chooses one or the other, Biden said, "We accept the choice the country made."
"You can't love your country only when you win. You can't love your neighbour only when you agree,” Biden said.
His remarks are seen as an attempt to heal a country that appeared divided into two groups after the results of the bitterly contested presidential election were out.
"I know people are still hurting, but things are changing rapidly. Together, we've changed America for the better. Now we have 74 days to finish our term. Let's make every day count. That's the responsibility we have to the American people,” he said.
Noting that setbacks are unavoidable, he said that giving up is "unforgivable".
"We all get knocked down. But the measure of our character, as my dad would say, is how quickly we get back up. Remember, a defeat does not mean we are defeated. We lost this battle. The America of your dreams is calling for you to get back up,” he said.
“That's the story of America for over 240 years and counting. It's a story for all of us, not just some of us," he said, adding that the American experiment endures.
"We're going to be okay, but we need to stay engaged. We need to keep going. Above all, we need to keep the faith,” Biden said.
