Business Daily from THE HINDU group of publications
Saturday, Jul 29, 2006
Business Daily from THE HINDU group of publications Saturday, Jul 29, 2006 |
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Corporate Results
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Paints Berger Paints PAT up 11% Our Bureau
Kolkata , July 28 Against the backdrop of rising crude oil prices, Berger Paints India Ltd will have no other way but to increase its solvent based product prices shortly. According to Mr Subir Bose, Managing Director, the company might increase the price by four to five per cent. A few months ago, the company increased the prices by two per cent. Mr Bose was talking to reporters after addressing the shareholders at the company's 82nd annual general meeting. He said that the total raw material cost of Berger Paints had increased drastically. Other paint companies are facing the same problem too. He apprehended that the price increases might lead to a decline in the demand growth of the domestic paint industry. In the last few years, the sector was witnessing a 12-13 per cent growth but now it might fall by two percentage points. Talking about the company's activities, he said, the new Russian plant (located at Krasnadar in south Russia) is ready and might start operations in September. In the first quarter, Berger Paints' sales grew by 15 per cent to Rs 291 crore against Rs 253 crore in the corresponding quarter of 2005-06. Profit after tax increased to Rs 17.2 crore from Rs 15.5 crore, marking a growth of 11 per cent.
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