Finolex Q4 net up 44.45 pc, dividend at Rs 150 per share

Mumbai, Apr 28 (UNI) Finolex Industries Ltd has posted a net profit of Rs 15.36 crore for the quarter ended March 31, 2006 as compared to Rs 27.65 crore for the same quarter last fiscal, a decline of 44.45 per cent.

Announcing the results, the company said its total income (net of excise) has decreased from Rs 248.81 crore in Q4 FY 05 to Rs 222.70 crore for Q4 FY 06.

It has posted a net profit of Rs 42.30 crore for the year ended March 31, 2006 as compared to Rs 95.91 crore for the last fiscal.

Total income (net of excise) has decreased from Rs 858.39 crore in FY 05 to Rs 777.98 crore for FY 06.

The board has recommended dividend of 15 per cent (Rs 150 per share) for the year ended March 31, 2006 and an additional silver jubilee dividend of 15 per cent (Rs 1.50 per share) aggregating to 30 per cent (Rs 3 per share).

The board of directors has approved setting up of Special Economic Zone under Special Economic Zone Act, 2005.

Commenting on the financial performance, assitant managing director of the company S S Dhanorkar said, ''rising raw material costs especially in the first two quarters of the financial year had their adverse impact on the bottom-line. The outlook for the current.

financial year is positive as the demand from both agricultural sector and construction industry continues unabated.

''The Company has expanded its network in the last one year and the efforts last one year and the efforts have started paying dividends.

As the company has been able to penetrate the northern markets as well in addition to its well established markets in western and southern parts of the country'', Mr Dhanorkar added.

UNI SN PP SKB1941