Central airconditioning and commercial refrigeration major Blue Star has reported a Net Profit of Rs 2.35 crores for the quarter ended June 30, 2002 from a Total Income of Rs 114.63 crores. Despite little growth in Total Income, Net Profit grew by 16%.

Ashok M Advani, Chairman & Chief Executive adds, "There are some tentative signs of industrial recovery and macro-economic indicators are generally positive barring the possible failure of the monsoon this year. Business sentiment has turned more confident. Quite a few segments such as telecom, healthcare, retailing and entertainment which are major consumers of airconditioning are growing. Our commercial refrigeration business has shown good growth in the first quarter. I can say with cautious optimism that the outlook for the year is good".

It may be recalled that the Company has been performing consistently well, and for the year ended March 31, 2002, Blue Star registered a Net Profit of Rs 27.45 crores and declared a record dividend of 65%.