Sterling Biotech posts Rs.1347.96 million profit, recommends 50% dividend

Sterling Biotech Ltd has announced the following results for the quarter & year ended December 31, 2006:

The Unaudited results for the quarter ended December 31, 2006:

The Company has posted a net profit of Rs 375.183 million for the quarter ended December 31, 2006 as compared to Rs 322.475 million for the quarter ended December 31, 2005. Total Income has increased from Rs 1307.198 million for the quarter ended December 31, 2005 to Rs 1704.616 million for the quarter ended December 31, 2006.

The Audited results for the year ended December 31, 2006:

The Company has posted a net profit of Rs 1347.960 million for the year ended December 31, 2006 as compared to Rs 1120.810 million for the year ended December 31, 2005. Total Income has increased from Rs 4850.068 million for the year ended December 31, 2005 to Rs 6108.988 million for the year ended December 31, 2006.

The Board of Directors of Sterling Biotech Ltd at its meeting held on March 29, 2007, inter alia, has recommended 50% (Rs 0.50 per equity shares of FV of Rs 1/-) dividend on the equity shares for the financial year ended December 31, 2006 subject to approval of the members at the ensuing Annual General Meeting of the Company.

Further the Company has informed that, the Board has also approved an enabling resolution for issue of equity or equity related instruments or any other convertible instrument aggregating up to US$ 300 million, if required in future, a detailed in the resolution. The enabling resolution will be subject to all necessary permissions and approvals as are required at the relevant time and are subject to approval by the members at the ensuing General Meeting of the Company.

Source : Equity Bulls

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