Paper Products ltd recommends dividend of Rs 9 per share

Mumbai, Feb 3 (UNI) The Directors of Paper products has recommended a divided of Rs nine per share for the year ended December 31, 2006.

The Directors has also recommended dividing one equity share of face value of Rs ten each, fully paid-up into five equity shares of face value of Rs two each fully paid up.

The company said in a release issued here that it has achieved sales of Rs 501.21 crore during the year, representing a growth of 15.8 per cent over sales of Rs 432.86 crore in the year 2005.

The profit before tax (PBT) and extraordinary items is Rs 42.82 crore compared to Rs 38.69 crore in the last year. The basic and diluted earnings per share (EPS) excluding extraordinary items for the year is 26.73 as compared to Rs 22.71 in the last year, according to a release isued here today.

The sales growth during the year was driven by the company's innovation programme New Applications, Structures, Products (NASP) and Processes. ''This helped offset the continued pressure on margins from high raw material prices and customer pressure against commensurate selling price revisions and our consequential action to withdraw from some non-remunerative business, the release added.

UNI