Mindteck net profit up by 156 per cent

Bangalore, June 27: Mindteck (India) Ltd today announced a 156 per cent increase in its net profit at Rs 2.16 crore in 2005-06, with the revenue up by 60 per cent at Rs 19.47 crore.

The company had earned a net profit of Rs 84.7 lakh on a turnover of Rs 11.49 crore the previous year.

The Board of Directors have recommended a dividend of ten per cent for the year as against six per cent paid in the previous year, the company said in a release here.

During the year, Mindteck India completed the acquisitions of two fellow subsidiaries -- Mindteck USA Inc and Mindteck Middle East -- and set up a wholly owned subsidiary in Malaysia. On a consolidated basis, revenues for the company increased from Rs 34.68 crore to Rs 43.83 crore, the release said.

Group CEO P A Ananthanarayanan, commenting on the results, said the strong financial performance was the outcome of a three-pronged strategy of organic growth supported by geographical expansion, consolidation of fellow subsidiaries and acquisition of financially sound entities. Over the next year, the company would continue to pursue this strategy and take productivity actions to improve margins, he added.

UNI