Berger reports 34 pc growth, approves bonus

Kolkata, Jun 6: Berger Paints India Ltd, the second largest paint company in India, today reported 34.5 per cent growth in net profit for the fiscal ended March 31, 2006, at Rs 74 crores as compared to Rs 55 crore in the corresponding period previous year.

The company's consolidated net sales grew by 19.4 per cent to Rs 1030.50 crore from Rs 863 crore in the same period last year.

Berger's Managing Director Subir Bose told reporters that the board in its meeting today approved a bonus issue of three fully paid up shares for every five equity shares held.

The board also recommended a final dividend of 50 per cent on its equity shares taking the total dividend for the year to 100 per cent.

The company would invest Rs 55 crore for setting up an automotive coating plant at Rewari in Rajastan and for capacity expansions in its other plants in Kolkata, Bose said.

He said Berger Russia would be operational by August this year and the company is targetting 18 per cent growth in the current fiscal.

UNI