Berger International, the Singapore-based subsidiary of Asian Paints, has posted a 159 per cent rise in net profit to $948,000 in the first half of year ended June 30 against $366,000 in the corresponding period previous year. During the period, volume sales increased by 8.4 per cent to 13,860 kilo litres from 12,786 kilo litres.
Berger had reported its financial status in the red for the previous year (2002) as it had made a payment of about $ 1.1 million as a one time interest write back to the earlier holding company, Ariza Holdings. The company was back in the black after Asian Paints acquired 50.1 per cent stake in November 2002 for Rs 57.6 crore.
According to company officials, the turnaround has come about owing to measures undertaken in the areas of raw material sourcing and formulation efficiency.
Jalaj Dani, chairman, Berger International said,
