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Asian Paints Net Sales Increases by 11.2 %

Published on 2004-10-29. Author : SpecialChem

Mumbai -- Asian Paints announced their results for the six months ended September 30, 2004. For the six-month period, Asian Paints consolidated sales increased by 11.2% to Rs. 12,307 million from Rs. 11,066 million for the corresponding period of the previous financial year.

Profit before depreciation, interest and tax (PBDIT) for the group increased by 9.0 % to Rs. 1,777 million from Rs. 1,630 million. Profit before Tax after goodwill for the group increased by 14.6% to Rs. 1,369 million from Rs. 1,195 million. Net Profit for the group increased by 13.8 % to 841 million from Rs. 739 million. Net Profit after minority interest increased by 10.3% to Rs. 814 million from Rs. 738 million.

The Board of Directors of the company, in their meeting held today, recommended the payment of an interim dividend of Rs. 4/- per share (40%). For the six months ended on Sept 30, 2003 the company had distributed an interim dividend of 35% (Rs. 3.5 /- per share). For the previous financial year 2003-04, the company distributed total dividend of 85% (Rs. 8.5 /- per share).

Commenting on the results, Mr. Ashwin Dani, Vice-Chairman & Managing Director, Asian Paints (India) Limited said "The performance of the group has been good, as all business units registered good growth. The decorative coatings business in India, which is the largest contributor to the group's revenue has performed well. For this business, the emphasis has been to drive top line growth and increase market share by aggression on pricing, new offerings in the economy segment and enhanced focus on top-of-the-line products.

The industrial coatings business has also performed well registering growth in excess of 20 %. International operations have performed exceedingly well registering growth of over 20 % for the first half of the year with the Middle East region, which is the largest contributor to international revenues growing by 34%." Asian Paints Consolidated Results - Q2 - FY'2005 Net Sales for the quarter ended Sept 30, 2004 increased to Rs. 6,840 million compared to Rs. 6,162 million registering an increase of 11.0 %. Profit before depreciation, interest and tax (PBDIT) increased by 5.6% to Rs. 1024 million from Rs. 970 million. Profit before Tax after goodwill registered an increase of 7.9% to Rs. 817 million compared to Rs. 757 million.

Net profit for the group increased by 5.7% to Rs. 505 million from Rs. 478 million. Net Profit after minority interest was Rs. 487 million compared to Rs. 473 million registering an increase of 3.1% for the quarter ended Sept 30, 2004.

Asian Paints is India's largest paint company and ranked among the top ten Decorative Coatings Companies in the World with a group turnover of INR 22.7 billion. Asian Paints along with its various subsidiaries has operations in 23 countries across the world and operates in these countries through Berger International, SCIB Paints Egypt, Asian Paints, Apco Coatings and Taubmans. Asian Paints has manufacturing facilities in all these countries viz. India, Australia, Bangladesh, Bahrain, Barbados, China, Egypt, Fiji, Jamaica, Mauritius, Malaysia, Myanmar, Nepal, Oman, Sri Lanka, Solomon Islands, Singapore, Samoa Islands, Tonga, Thailand, Trinidad & Tobago, UAE and Vanuatu.

Source: Asian Paints


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