Meghmani declares 30 percent dividend for 2007-08

May 23rd, 2008 - 10:02 pm ICT by admin  

Ahmedabad, May 23 (IANS) Gujarat-based Meghmani Organics Ltd, which manufactures pigments and pesticides, Friday announced a dividend of 30 percent for its share holders for the fiscal 2007-08 despite a drop in net profit. The company, which is also listed on the Singapore Stock Exchange, recorded net sales income of Rs.5.92 billion for the year ended March 31, compared to Rs.4.69 billion in 2006-2007, reflecting an increase of 26.47 percent.

The net profit after tax for the year 2007-08 is estimated at Rs.376 million as compared to Rs.408.8 million in the same period last year.

The basic and diluted earnings per share, after extraordinary items for the period, for the year has worked to Rs.1.55 for the period ended March 31, as against Rs.2.04 in the comparable period in the previous year.

The company manufactures green and blue pigments for which multi-national companies are the main customers.

The company has four manufacturing facilities. Two are located in Ahmedabad (Chharodi and Vatva), one in Panoli near Vadodara, about 110 km from Ahmedabad and the fourth at Ankleshwar, about 50 km from Surat.

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