Asian Paints net up 13

MUMBAI, MAY 31: The net profit of paint firm, Asian Paints for fiscal 1999 increased by 13.9 per cent to Rs 76.88 crore as compared to Rs 67.50 crore recorded in the previous year. Gross sales grew by 10.46 per cent to Rs 1,128.01 crore from Rs 1021 crore. The company has announced a dividend of Rs 8 per equity share which is inclusive of Rs 3.5 interim paid in November 1998.

The company8217;s paints business recorded a turnover of Rs 1,049 crore for the year against Rs 928 crore in 1997-98, while the cyclical downturn in chemical prices resulted in lower turnover of Rs 43 crore Rs 62 crore from phthalic anhydride business and Rs 26.5 crore Rs 29 crore from the pentaerythritol business, the company said in a statement here today.

The company8217;s joint venture with PPG Industries Inc of USA for automotive paints, Asian PPG Industries Ltd, achieved a turnover of Rs 44 crore in 1998-99 against Rs 12 crore in the previous year, the statement said.

Construction of paint plants in Mauritius and Oman havecommenced and are expected to be operational by the year end.

The company has already embarked on a path recommended by management consultants Booz Allen amp; Hamilton, to step up growth in domestic and international paint markets to become one of the top 10 decorative paint manufacturers in the world by 2003, the statement added.