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Berger International Limited Reports Profits

Published on 2003-08-21. Author : SpecialChem

Net Profit has increased by 159 % to S $ 948,000 (INR 25 mn*)

Singapore, August 19, 2003 : Berger International Limited(BIL), Singapore, announced its six-month results for the period ended June 30, 2003. Asian Paints had acquired controlling stake in Berger International Limited (BIL), Singapore in November 2002. BIL has operations in 11 countries across the world and is a leader in 4 countries. Berger International Limited has no operations in India and is listed on the Singapore stock exchange.

For the six months ended June 30, 2003 Berger International Limited (BIL) volume sales increased by 8.4 % to 13,860 kl from 12,786 kl. Revenues declined by 11.4 % to S$ 47.72 mn (INR 1257 mn*) due to the group moving away from contracting business so as to focus on its core business of manufacture and supply of paints as also the adverse exchange rate movement of local currencies against the Singapore dollar. Had exchange rates during H1-2003 remained at the same level as H1-2002, the value sales for paints would have grown by 4%.

The operations of BIL are divided into four regions i.e. Middle East, Europe & Mediterranean, Caribbean and East Asia. In terms of region wise net paints sales, the Middle East region has registered a sales growth of 6% and Profit from operations have increased by 44% to S $ 1.32 million (INR 35 mn*).

The Europe & Mediterranean region has shown sales growth of 2 % and profit from operations has increased to 160 % to S $ 61,000 (INR 2 mn*). The net paints sales in the Caribbean region declined by 9% and profit from operations declined by 41% to S $ 0.57 million (INR 15 mn*) due to depreciation of those currencies against Singapore dollar. The net paint sales in East Asia region declined marginally by 4% mainly due to the impact of SARS in Singapore, Hong Kong and China. However profit from operations registered growth of 167% at S $ 0.43 mn (INR 11 mn*).

Profit Before Income Tax increased by 21.8% to S $ 1.27 mn (INR 33 mn*) as compared to S$ 1.04 mn (INR 27 mn*) for the corresponding period of the previous financial year. Net Profit After Minority interest has increased by 159 % to S $ 0.95 million (INR 25 mn*) as compared to S $ 0.37 mn (INR 10 mn*)for the corresponding period of the previous financial year.

* Only for ease of conversion, 1 Sing Dollar = INR 26.35, Currency rate as on June 30, 2003

Source: Asia Paints

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