Date:03/05/2008 URL: http://www.thehindu.com/2008/05/03/stories/2008050359821800.htm

Business

CUMI sales up 26% in full year

Special Correspondent

CHENNAI: Murugappa Group company Carborundum Universal Ltd. (CUMI) has reported a 27 per cent growth in net sales at Rs. 165 crore in the fourth quarter ended March 2008, against Rs. 130 crore in the same period last year. The profit before interest and tax (before profit on sale of assets and investments) grew by 12 per cent. The company earned Rs. 11 crore profits on sale of investments during the quarter.

The profit before tax grew to Rs. 32 crore (Rs. 23 crore). The net profit increased from Rs. 17 crore to Rs. 25 crore. Net sales recorded a 26 per cent growth to Rs. 583.01 crore in 2007-08 from Rs. 464.55 crore in 2006-07. The sales growth was 20 per cent without the anti-corrosives business. The profit after tax rose to Rs. 97.17 crore from Rs. 58.66 crore.

During the year, a profit of over Rs. 62 crore was realised through sale of immovable properties and investments.

The board has recommended a dividend of 100 per cent against 75 per cent in the previous year.