Super House Leathers declares dividend

Kanpur-based leather major Super House Leathers has declared a dividend after about ten years. The dividend is 10 per cent.

Company Chairman Mukhtar-ul Amin had told Business Standard about two years ago it "will be a very handsome dividend".

In earlier annual general meetings, Amin had said that "we are not giving dividend because we need money for expansion". The firm achieved sales of Rs 232.01 crore in 2005-06, against Rs 222.36 crore in 2004-05.

However, it has shown a lower net profit of Rs 4.74 crore in 2005-06, as against Rs 5.70 crore in 2004-05. The dividend payment will be Rs 79.18 lakh with a tax of Rs 11.11 lakh.

However, the company expects to achieve an export growth of 15 per cent in 2006-07, on the strength of expansion in all its product categories, according to the Annual Report for 2005-06.

Exporters from India may benefit from the 16 per cent anti-dumping duty imposed by Europe on shoes from China and Taiwan. This was the difference between the price of Chinese shoes and those of India, said Rakesh Suri of Suri Sons, a city-based leather exporter. Super House, among others, is likely to benefit from this.