The Hindu Business Line : Goodricke net rises on higher sales

British tea major's Indian subsidiary, Goodricke Group Ltd, has registered growth both in its top-line and bottom-line for the 12-month period ending of December 31, 2005.

According to the financial results declared on Tuesday, the gross sales increased by 9 per cent to end at Rs 210.05 crore (Rs 193.67 crore). Net profit increased marginally to Rs 3.76 crore (Rs 3.22 crore).

Goodricke's gross profit before depreciation and taxes increased to Rs 10.06 crore (Rs 8.92 crore). The company reported a net loss in 2004.

The company has recommended a dividend of 7.5 per cent, which means Rs 0.75 for every share of Rs 10 face. EPS (earning per share) increased marginally to Rs 1.74 from Rs 1.49. The annual interest outgo has increased to Rs 3.12 crore (Rs 2.47 crore).

During 2005, the company recorded a growth in its total tea production over the previous accounting year. It manufactured 17.71 million kg of tea. However, it suffered a crop loss of 1.3 million kg due a 14-day strike in Dooars region of West Bengal.

The company stated that tea prices remained "subdued" all throughout the year and the movements were within a narrow range. Sources said that the company prospects in 2006 are extremely because tea prices are on the rise.

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Goodricke net rises on higher sales