Manaksia FY08 net up 33% to Rs 41.01 cr

New Delhi, Jun 30 (UNI) Manaksia, the country's largest secondary producer of value-added aluminium rolled products, today said its net profit has increased 33 per cent to Rs 41.01 crore for the year ended March 2008.

Its net sales for the year ended March 2008 stood at Rs 731.81 crore, a company statement said.

The Group's net profit increased 39.28 per cent to Rs 128.19 crore for FY08 from Rs 92.03 crore during FY07.

The Group's net sales for FY08 stood at Rs 1147.37 crore during FY08 as against Rs 827.76 crore last fiscal.

''Increase in profits and turnover were mainly due to increase in sales of metal products, both in India and Nigeria,'' said Manaksia Ltd CFO Dilip Patodia.

MINL, the Nigerian subsidiary of Manaksia, will take the scrap route to produce 200,000 tons of steel rebars per annum for the construction industry in Nigeria, it added.

The company is in the process of acquiring land near their existing factory in Ota for this project.

The Board of Directors also approved the proposal for setting up a subsidiary company in Mauritius to facilitate international investments.

UNI PDT AK GC1832