Mastek announces 1:1 bonus issue, 40 % dividend for 1998-99

MUMBAI, JULY 29: Software major Mastek Ltd has announced a bonus issue in the ratio of 1:1 and a dividend of 40 per cent backed by good r...

MUMBAI, JULY 29: Software major Mastek Ltd has announced a bonus issue in the ratio of 1:1 and a dividend of 40 per cent backed by good results reported by the company for the year ended June 30, 1999.

The company has reported a higher net profit of Rs 9.94 crore as against the earlier announced figure of Rs 7.92 crore.The revenue of the company was higher at over Rs 166 crore showing a growth of 65 per cent over that of the previous year, the US revenues during the year went up by 98 per cent.

According to the audited accounts, the group earnings per share (EPS) for 1998-99 was Rs 25.13, return on net worth 30 per cent and return on capital employed 27 per cent.

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"The consolidated group results were arrived at after auditing the results of all our subsidiaries as per the accounting norms of that country. It is a new step in corporate transparency," CMD Ashank Desai told The Indian Express. The group had to follow the US GAAP, UK GAAP, Singapore GAAP and Germany GAAP methods for its subsidiaries in each of these countries.

The globally consolidated accounting gave a complete picture about the operations of various wings of the company, thereby improving the transparency and corporate governance, he added.

For the fiscal 1999-2000 the group has targeted a 50 per cent growth in turnover and over 100 per cent growth in net profit. US and Europe would continue to contribute around 85 to 90 per cent of the group’s business, Desai said.

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