CALCUTTA, April 28: Jay Shree Tea and Industries has posted a profit growth of over 180 per cent for the year ended March 31, 1998. The company has also offered a 1:1 bonus issue to its shareholders.The B K Birla flagship has also recommended a 60 per cent dividend for the year 1997-98 in the wake of increased profits. The company ended the year with a turnover of Rs 238.12 crore as against Rs 196.54 crore in the previous fiscal.The tea major recorded a gross profit of Rs 59.92 crore compared to Rs 21.32 crore in the previous year. Net profits zoomed by over 91 per cent during the same period from Rs 12 crore in 1996-97 to Rs 23 crore in 1997-98 primarily on account of a good tea season in the last six months, with firm tea prices bolstering the profit margins of the company.The annual results were approved at a board meeting on Tuesday. Jay Shree has been the first among tea companies to declare its results for the year ended 1997-98. The issue of bonus shares will be subject to the approvals of theshareholders and other relevant authorities.Tea industry analysts are of the opinion that a similar trend may be repeated for other tea companies as well, which will cash in on higher prices for the year 1997-98.
