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Berger Paints posts N13m profit in Q1

Category: Daily & Weekly Market Updates

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Berger Paints posts N13m profit in Q1

May 30, 2006/guardian




Smarting from a loss of N500 million in its operations in year 2005, Berger Paints Nigeria Plc last week announced an after tax profit of N13.1 million in its first quarter ended March 31, 2006, up from N9.4 million in 2005.

The result was achieved over a turnover, which increased from N463.4 million to N479.5 million.

Speaking on the result last week, the Managing Director, Mr Dare Laval said the company is currently undergoing some regeneration and restructuring, rejuvenation and restructuring to bring about corporate governance and good profitability.

He disclose that the company has expanded its business lines, by introducing a new line of premium paints, with a potential for improved profit levels, and the factory\'s operations is also been restructured by collapsing its three different factories into one for precise automation.

Amplifying further on the company\'s operations in the last three years, Lawal said, \"for the company to maintain a history of corporate responsiveness, the board took a collective decisive step to effect an operational and staff restructuring, which led to the payment of loan gratuity, in 2003 and 2004, which was heavy due to the over 150 per cent salary increase in those two years.\"

Besides, he explained that in year 2003, the company migrated from an old accounting package to an ERP (Enterprise Resource Planning).

Lawal assured shareholders of better days ahead, as plans are underway to make them smile

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