Essel Propack audited net up 12%

MUMBAI: Subhash Chandra promoted laminated tubes manufacturer Essel Propack Ltd has clocked audited global sales of Rs 6,092 million for the fiscal ended December 2003, reflecting a growth rate of 21 per cent over the previous year. The net profit at Rs 706 million has grown 12 per cent over the previous year.


Declares final dividend of Rs 1 per share, taking the total dividend to Rs 8 per share

According to an official statement, Essel Propack's new laminate manufacturing unit in China has fully stabilised and the laminate has been well accepted in the USA market. The impact of this, according to the statement, will be visible in 2004. The Company also claims that it has strengthened its position in the key markets of India, China, and USA.

Announcing the audited annual results, Essel Propack vice chairman and managing director Ashok Goel said in an official statement, "Russia is the obvious growth geography, particularly in view of our success in China and USA."

Speaking of the results, COO R Chandrasekhar explained that in US dollar terms, the profit after tax (PAT) growth is 14 per cent over the previous year, but due to the strong Rupee, the PAT at Rs 706 Million was 12 per cent more than in the last year in Rupee terms.

The Essel Propack board has recommended a final dividend of Rs 1 per share for the year ended 31 December 2003, which is over and above the interim dividend of Rs 7 announced earlier taking the total dividend to Rs 8 per share for the year 2003 which is 40 per cent of the Company's global profits. Last year, the Company had paid a total dividend of Rs 6.50 per share.

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