The Hindu Business Line : Essel Propack net profit at Rs 90.2 cr

Essel Propack Ltd, in its consolidated operations, has reported a net profit of Rs 90.2 crore for the year ended December 31, 2005 against Rs 80.9 crore for the earlier year.

Total income stood at Rs 833.7 crore for 2005 against Rs 677.9 crore for the earlier year.

The consolidated results include those of Essel Propack UK (formerly called Telecon Packaging Ltd) acquired with effect from April 11, 2005 and Arista Tubes Ltd, UK acquired with effect from August 05, 2004. Hence, the figures of the periods ended December 31, 2005 are not comparable with the corresponding previous periods, the company informed BSE.

Dividend

The board has recommended a special one-time dividend at 120 per cent or Rs 12 per share. The company had earlier declared an interim dividend of Rs 10 per share. The total dividend for the year ended December 31, 2005 aggregates to 220 per cent or Rs 22 per share.

The company said its board has decided to sub-divide the face value of its shares from the current Rs 10 per share to Rs 2 per share.

The company also informed BSE that Mr J.M. Fernandes and Mr V. K. Badgamia have resigned as Non-Executive Directors. The board has appointed Mr Boman Moradian as an Additional Director of the Company. He will be a Non-Executive Independent Director under the Code of Corporate Governance.