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Essel Propack's global sales up 22 per cent, recommends dividend

Written by: Staff
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Mumbai, Mar 16 (UNI) Essel Propack registered a healthy 22 per cent growth in its global revenues at Rs 816 crore while its net profit increased by 11.48 per cent to Rs 90.2 crore for the year ended December 31, 2005.

Given its robust performance, Essel Propack has also announced a special dividend of Rs 12 per share, which will be subject to shareholders' approval during the Annual General Meeting of the company proposed on May six.

The international operations of the company, in laminated tubes, has contributed 69 per cent of the consolidated revenue, as against 65 per cent in the year 2004, thus reflecting the trend of increasing overseas growth, a release here stated.

The Board of Directors has also announced a split in the face value of the share, recommending to the shareholders a share split from the present Rs 10 per share to Rs two per share.

This will go a long way in enhancing the liquidity of the shares, stated the release.

Mr Ashok Goel vice-chairman and managing director of the company stated, ''The low liquidity of our shares was always a concern, which we believe will be resolved with this step'' while on the special dividend, he added, ''Giving value to our shareholders is of paramount importance to us.'' UNI JJ MJ SKB1718

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