Press release
The Company has recorded sale of Rs. 1925 Million for the six months ended 30th September, 2007 as compared to Rs. 2030 Million achieved during the corresponding previous half year. Inspite of growth in sale of Pigments, overall sales have marginally decreased by 5% primarily on account of drop in sales of Agro Chemicals.
The sales for the quarter ended 30th September, 2007 were Rs. 1045 Million as compared to Rs. 1153 Million as compared to the previous year’s quarter.About two thirds of the business of the Company is Pigments and this has shown a growth of about 22% in terms of domestic sales and 4% in exports respectively.
The paint, ink and plastic industry in the pigment division continues to show growth.The agro division’s sale aggregated to Rs. 308 Million for the half year ended 30th September, 2007 as against Rs. 603 Million recorded for the previous half year ended 30th September, 2006 which shows a net decrease of 50% in sales. The sales of the agro division for the quarter ended 30th September, 2007 were Rs. 193 Million as against Rs. 399 Million recorded in the same quarter of the previous year.
The Board had appointed a Committee to look into the operations of the Agro Chemicals Division and recommend measures to arrest its losses and improve profitability. As recommended by the Committee, the Board of Directors decided at its meeting held on 29th October, 2007 to prune the operations of the Agro Chemicals Division segment by restructuring it to weed out the loss making activities comprised therein and continuing the remaining activities so as to place the residual activities to yield profits on a sustainable basis. It was in this connection that a VRS scheme was introduced and the same has met with a good response.
All these measures are expected to have a positive impact on the working of the Company.
The sales for the quarter ended 30th September, 2007 were Rs. 1045 Million as compared to Rs. 1153 Million as compared to the previous year’s quarter.About two thirds of the business of the Company is Pigments and this has shown a growth of about 22% in terms of domestic sales and 4% in exports respectively.
The paint, ink and plastic industry in the pigment division continues to show growth.The agro division’s sale aggregated to Rs. 308 Million for the half year ended 30th September, 2007 as against Rs. 603 Million recorded for the previous half year ended 30th September, 2006 which shows a net decrease of 50% in sales. The sales of the agro division for the quarter ended 30th September, 2007 were Rs. 193 Million as against Rs. 399 Million recorded in the same quarter of the previous year.
The Board had appointed a Committee to look into the operations of the Agro Chemicals Division and recommend measures to arrest its losses and improve profitability. As recommended by the Committee, the Board of Directors decided at its meeting held on 29th October, 2007 to prune the operations of the Agro Chemicals Division segment by restructuring it to weed out the loss making activities comprised therein and continuing the remaining activities so as to place the residual activities to yield profits on a sustainable basis. It was in this connection that a VRS scheme was introduced and the same has met with a good response.
All these measures are expected to have a positive impact on the working of the Company.