Berger Paints India has clocked a net profit of Rs 88.7 crore in FY09, which is a marginal drop of 3.58% from the Rs 92 crore net clocked in FY08. The company's sales for FY09 at Rs 1514 crore was higher by 12.5% than the previous corresponding period (Rs 1346 crore).
A Berger release issued on Friday said profits were impacted by high raw material prices in the first half and the slowdown in economy in the second-half, prompting the company to reduce prices. The price pressure and the reduction in volume, particularly in automotive sector, affected profits. "However, the company was able to hold on to its market and achieve growth in spite of extremely difficult conditions," the release added.
The board of directors of the company recommended a dividend of 30% per equity share with a face value of Rs 2 each. According to the company, the market is looking up and there are indications that the housing, automotive and industrial sectors are recovering. "The company therefore continues to be optimistic about the future of the paints industry," it added.
A Berger release issued on Friday said profits were impacted by high raw material prices in the first half and the slowdown in economy in the second-half, prompting the company to reduce prices. The price pressure and the reduction in volume, particularly in automotive sector, affected profits. "However, the company was able to hold on to its market and achieve growth in spite of extremely difficult conditions," the release added.
The board of directors of the company recommended a dividend of 30% per equity share with a face value of Rs 2 each. According to the company, the market is looking up and there are indications that the housing, automotive and industrial sectors are recovering. "The company therefore continues to be optimistic about the future of the paints industry," it added.
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