Karuturi Network plans aggressive global floriculture expansion

Mumbai, May 8 (UNI) Karuturi Networks Ltd, a leading floriculture company, has chalked out an aggresive global expansion plans and is diversifying into bottled gherkins.

Announcing this, the company's release said it has a firm order book position of Rs 300 crore over the next 5 years. As part of the plans, it has completed six strategic acquisitions of over 25 hectares of greenhouses across the country and successfully relocated them to Ethiopia.

The company expects to complete another greenhouse acquisition in Europe and Kenya, it said. Diversification plans of the company envisage to star product rollout of bottled gherkins in Q1 FY 07 and ship up to 4 containers per day.

Meanwhile, the company has posted a net profit of Rs 4.26 crore from the quarter ended March 31 as compared to Rs 4.01 crore in the corresponding quarter of the previous year. Its total income registered a substantial jump of 110 per cent during the quarter under review to Rs 20.80 crore as compared to Rs 9.90 crore in the comparable quarter of the previous year.

It has posted a 126 per cent jump in the net profit for the full year ended March 31 to Rs 44.18 crores compared to Rs 14.97 crore in FY 04-05. Net profit during the period jumped by 126 per cent to Rs 13.45 crore from Rs 5.95 crore in FY 04-05, while earnings per share (EPS) rose to Rs 16.82 in FY 05-06 to Rs 9.93 in FY 04-05.

UNI SN KU SKB1830