Berger Paints reports 34.5% hike in profit, announces 50% dividend
New Delhi, June 7 (UNI) Berger Paints today reported a 34.5 per cent increase in its net profit at Rs 74 crore for the year ended 2005-06, as against Rs 55 crore last year, while the board has recommended a 50 per cent final dividend.
The company has also crossed the Rs 1000 crore turnover mark with a 19.4 per cent increase in its consolidated sales, at Rs 1030.50 crore for the year 2005-06, as against Rs 863 crore in 2004-05, a company statement said here.
Following these results, the Board of Directors of the company has recommended a final dividend of 50 per cent on the equity shares of the company. It has already paid an interim dividend of 50 per cent on equity shares.
The Board has also recommended to its shareholders issue of three fully paid up equity shares as bonus shares for every five shares held.
Berger Paints MD Subir Bose said, ''The achievement of a Rs 1000 turnover will only propel us to rise the bar of our performance during the times to come. We are committed to sharing our success with our shareholders and the total dividend payout is a pointer towards the same.'' With this sales turnover, Berger Paints has become India's second largest paint company on consolidated net sales basis, though it already held second place of the second largest paint company in terms of volume.
One of the country's largest paint manufacturers, Berger controls a distribution network comprising 70 stock points and approximately 10,000 dealers, spread acorss the country.
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