Financial Daily from THE HINDU group of publications
Thursday, Jul 28, 2005
Financial Daily from THE HINDU group of publications Thursday, Jul 28, 2005 |
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Corporate
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Outlook Berger Paints to commission Russian plant in May 2006 Our Bureau
Kolkata , July 27 BERGER Paints India Ltd is expecting to commission its decorative paints manufacturing unit in Russia in May 2006. The $2-million facility at Krasnadar in South Russia, promoted by Berger Cyprus, is a wholly-owned subsidiary of Berger India. Talking to newspersons after the company's annual general meeting, the Berger Paints India Chairman, Mr K.S. Dhingra, said that the company had already acquired the land for the project. "Russia is a vast market. To begin with, we are focussing only on South Russia. Berger has been exporting its products to this market for the last 10 years and enjoys a good brand recall," he said. The company's power coating plant at the existing facility at Jammu will be operational in September this year. Berger has already set up water-based and solvent-based paints plants in the integrated facility costing over Rs 30 crore. The company has also decided to set up a plastic auto parts coatings facility in co-operation with Nippon Bee Chemicals Co Ltd of Japan at an estimated investment of Rs 8-9 crore. Earlier addressing the shareholders, the Managing Director, Mr Subir Bose, said that spiralling crude prices had increased the raw material cost of the company by 6-7 per cent last year. Part of the increased cost was passed on to consumers. The company had registered a turnover of Rs 837 crore and profit before tax of Rs 66 crore last year. During the year the company had amalgamated Berger Auto Industrial Coating Ltd (BAICL) with itself. With its plant in Rishra in West Bengal, BAICL now operates as a division of the company. Turnover up 25 pc: Berger Industries on Wednesday reported a 25 per cent growth in turnover to Rs 253.27 crore during the first quarter of this fiscal against Rs 203.01 crore in the first quarter of the previous year. Net profit increased 74 per cent from Rs 8.95 crore to Rs 15.56 crore. The improvement in performance is ascribed to economies of scale, better price realisation and management of costs at various levels.
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