JK Paper Ltd today posted 88.66% increase in net profit at Rs 20.98 crore for the fourth quarter ended March 31, 2013.
The company had posted a net profit of Rs 11.12 crore in the same period of previous fiscal.
Net sales of the company rose to 383.28 crore for the fourth quarter, compared to Rs 356.78 crore in the same period of 2011-12 fiscal, JK Paper said in a statement.
For the year ended March 31, 2013, the company posted a net profit of Rs 37.70 crore, compared to Rs 49.32 crore in the same period of 2011-12 fiscal.
Net sales of the company for the year ended March 31, 2013, rose to Rs 1,453.19 crore, as against Rs 1,328.26 crore in the previous fiscal.
"Selling prices which remained stable during most part of the year, improved significantly during Q4, 2013. This backed by stability in coal and chemical prices resulted in improved profitability compared to the preceding quarter," JK Paper Vice-Chairman and Managing Director Harsh Pati Singhania said.
The company said it has entered into a joint venture agreement with Oji Holdings Corporation, Japan and Marubeni Corporation, Japan for setting up a manufacturing facility with an investment of about Rs 150 crore in Rajasthan.
The company's board, which met today, recommended a dividend of 0.50 per share (5%) for the financial year ended March 31, 2013.
The dividend will be paid between September 9, 2013 to September 16, 2013, it added.
The company said its board has appointed Bharat Hari Singhania as Chairman and Harsh Pati Singhania as Vice Chairman of the company's board of directors.
The company's board also decided to purchase the remaining shares of its associate JK Enviro-Tech Ltd for Rs 3.25 crore and explore options of consolidation of its operations with JK Paper Ltd.
Shares of JK Paper today closed at Rs 32.80 on the BSE, down 0.76% from their previous close.
