News Broadcasting
Essel Propack audited net up 12%
MUMBAI: Subhash Chandra promoted laminated tubes manufacturer Essel Propack Ltd has clocked audited global sales of Rs 6,092 million for the fiscal ended December 2003, reflecting a growth rate of 21 per cent over the previous year. The net profit at Rs 706 million has grown 12 per cent over the previous year.
Declares final dividend of Rs 1 per share, taking the total dividend to Rs 8 per share
According to an official statement, Essel Propack’s new laminate manufacturing unit in China has fully stabilised and the laminate has been well accepted in the USA market. The impact of this, according to the statement, will be visible in 2004. The Company also claims that it has strengthened its position in the key markets of India, China, and USA.
Announcing the audited annual results, Essel Propack vice chairman and managing director Ashok Goel said in an official statement, “Russia is the obvious growth geography, particularly in view of our success in China and USA.”
Speaking of the results, COO R Chandrasekhar explained that in US dollar terms, the profit after tax (PAT) growth is 14 per cent over the previous year, but due to the strong Rupee, the PAT at Rs 706 Million was 12 per cent more than in the last year in Rupee terms.
The Essel Propack board has recommended a final dividend of Rs 1 per share for the year ended 31 December 2003, which is over and above the interim dividend of Rs 7 announced earlier taking the total dividend to Rs 8 per share for the year 2003 which is 40 per cent of the Company’s global profits. Last year, the Company had paid a total dividend of Rs 6.50 per share.
News Broadcasting
BBC to cut up to 2,000 jobs in biggest overhaul in 15 years
Cost pressures and leadership change drive major workforce reduction plan
LONDON: BBC has unveiled plans to cut up to 2,000 jobs, roughly 10 per cent of its global workforce, in what marks its biggest downsizing in 15 years.
The announcement was made during an all-staff meeting led by interim director-general Rhodri Talfan Davies, as the broadcaster moves to tackle mounting financial pressures and reshape its operations.
Between 1,800 and 2,000 roles are expected to be eliminated from a workforce of around 21,500. The cuts form part of a broader plan to save £500 million over the next two years, aimed at offsetting rising costs, stagnating licence fee income and weaker commercial revenues.
In a communication to staff, BBC interim director-general Rhodri Talfan Davies said, “I know this creates real uncertainty, but we wanted to be open about the challenge,” acknowledging the impact the move would have across the organisation.
The restructuring comes at a time of leadership transition. Former director-general Tim Davie stepped down earlier this month, with Matt Brittin, a former Google executive, set to take over the role on May 18, 2026.
While some cost-cutting measures are being implemented immediately, the majority of the structural changes are expected to roll out over the next few years, with full savings targeted by the 2027–2028 financial year.
The broadcaster had earlier signalled its intent to reduce its cost base by around 10 per cent over a three-year period, warning of “difficult choices” as it adapts to shifting economic realities and audience expectations.
With operating costs hovering around £6 billion annually, the BBC’s latest move underscores the scale of the financial challenge it faces, as it balances public service commitments with the need for long-term sustainability in an increasingly competitive media landscape.
