Kolkata, Jun 16 (UNI) Balmer Lawrie&Co. Ltd, a public sector Mini Ratna, today announced 170 per cent dividend for FY 2007-8 after posting a profit of Rs 130 crore, upped by 23 per cent from Rs 106 crore last year.
Managing Director S K Mukherjee after the company's board meeting today told reporters that the turnover of the Centre's enterprise has increased to Rs 1,576 crore from Rs 1,377 crore, showing a 14 per cent growth at the end of March 31, 2008.
The profit before tax also rose to Rs 130 crore as compared to Rs 106 crore last year, an increase of 23 per cent, posting a net profit Rs 87 crore against Rs 70 crore last fiscal, also an increase of 24 per cent.
Mr Mukherjee said following a sustained progress and profit of the company, the Board of Directors has approved a dividend of 170 per cent for 07-08. The EPS of the company was Rs 53.37 per share.
The rising profit of the company was attributed to good business in lubricant products.
At present the company was debt free and has FD about Rs 120, Mr Mukherjee added.
The company was largely focusing on the Logistics Infrastructures&Services business for expansion with an investment of Rs 100 crore for FY 2008-09.
The PSU plans to make a turnover of Rs 2000 company with profit target of Rs 200 crore by 2010.
The manufacturing businesses of the company have performed steadily with the greases and lubricants business performing exceedingly well with its profts having growth to four folds.
Mr Mukherjee said in the Logistics Services, the company was concentrating in expanding market width and reach and in Logistics Infrasturctures it was exploring opportunties for setting up container freight stations in the South and West coast besides inland container depots in the North, preferably in and around NCR (national capital region) and acquiring a warehousing in Kolkata.
The work on 100 per cent capacity expansion of the container freight station in Chennai with an investment Rs 15 was progressing, he added. Besides, the company has received the necessary go ahead for setting up a container freight station at Tuticorin.
UNI PC KK DB1705