Balmer Lawrie net up 24 percent in 2007-08June 17th, 2008 - 8:25 am ICT by IANS
Kolkata, June 16 (IANS) State-run Balmer Lawrie & Co Ltd has posted an annual net profit of Rs.870 million ($20.7 million) for 2007-08 against Rs.700 million of the previous fiscal, an increase of 24 percent. Profits from greases and lubricants business grew four-fold and the retail business under the brand name Balmerol went up by 30 percent. Logistics and service and manufacturing sectors also added to the volume of the company.
The board of directors has recommended a dividend of 170 percent for the period under review.
“We have planned Rs.1 billion investment in various sectors for the current fiscal,” said Balmer Lawrie managing director S.K. Mukherjee.
The company plans to acquire a tourism firm and is focussing on the logistics infrastructure and service business for growth.
“We are planning to set up container freight stations in Chennai, Mumbai and north India and establishing a state-of-the-art warehousing facility in Kolkata,” Mukherjee said.
For the Chennai container freight station, Balmer Lawrie is planning 100 percent capacity expansion at an investment of Rs.150 million apart from the cost of the land. It has also got the go-ahead to set up a container freight station at Tuticorin.