Berger net rises 34.5%

KOLKATA: Berger Paints India Ltd on Tuesday reported a net profit of Rs 74.38 crore for the year 2005-06, registering a growth of 34.5 per cent over the last year and announced issue of bonus shares in the ratio of 3:5.

Announcing the company's results, Berger Paints managing director Subir Bose here said that for the first time its turnover crossed the Rs 1,000 crore mark during the year to Rs 1,030.50 crore recording 19.4 per cent growth over 2004-05.

The company during the last quarter ending March, 2005, had recorded a net profit of Rs 13.71 crore against 13.63 crore for the same period last year.

The company also recommended a final dividend of Re 1 per share of Rs 2 each (50 per cent) for the year ended March 31, 2006. An interim dividend of 50 per cent has already been paid, thereby making a total dividend of 100 per cent.

The board today approved increasing the company's authorized capital to Rs 65 crore from Rs 40 crore.

The proposals were subject to shareholders approval at the forthcoming AGM.

During the year, the company's powder coating plant at Jammu having a 2400 tonne capacity had begun operations.

Bose said that the company would invest Rs 55 crore in the current fiscal which included setting up of a automotive coating plant at Rewari at a cost of Rs 40 crore. The plant would come into operation next year.

The company's overseas plant in Russia would start operation by August this year, he said.