The Hindu Business Line : Asian Paints Q4 profit down 50 pc at Rs 20.28 cr

Asian Paints Ltd's profit after prior period items for the fourth quarter of 2005-06 fell by 50 per cent to Rs 20.28 crore compared to Rs 41.10 crore for the year ago period.

The company has taken a one-time write off of Rs 33.6 crore due to erosion in the networth of its international subsidiaries.

Total income (net of discounts and excise duty) increased to Rs 578.94 crore in the March quarter from Rs 460.14 crore in the year-ago period.

In its consolidated operations Asian Paints reported a 27 per cent increase in net profit at Rs 46.58 crore for the fourth quarter of 2005-06 (Rs 36.68 crore).

Net sales and operating income increased by 21.3 per cent to Rs 765.01 crore (Rs 630.73 crore). For the full year, profits for the group rose 21.9 per cent to Rs 212.15 crore. Net sales moved up by 17.4 per cent to Rs 3,021 crore. All of its business units registered double-digit sales growth. The company's board has recommended a dividend of Rs 5.50 per share. Total dividend for the year was Rs 9.5 per share. Shares of Asian Paints moved up by Rs 4.15 to Rs 662.60 on the BSE.

"Our focus on sustainable profitable growth has not only enabled us to achieve Rs 3,000-crore sales turnover but also register good growth in profits,'' Asian Paints said quoting its Vice-Chairman and Managing Director, Mr Ashwin Dani.

"The boom in the construction sector, coupled with our competitive pricing strategies, new product introductions, expansion of Colour World outlets and innovative marketing initiatives have helped us increase sales in the decorative segment in India,'' he said.

For the third consecutive year, industrial coatings in India recorded growth in excess of 20 per cent. "Our foothold in this sector will be further strengthened by new capacity expansion projects,'' the company said.

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