The Hindu Business Line : Karuturi Networks posts Rs 4.26-cr net profit in Q4

Karuturi Networks Ltd, which is into floriculture, has reported a net profit of Rs 13.45 crore for the year ended March 2006 against Rs 5.95 crore in the earlier year.

The company said it has chalked out global expansion plans and is diversifying into bottled gherkins and has a firm order book position of Rs 300 crore over the next five years.

Total income increased to Rs 44.18 crore during the year from Rs 14.97 crore in the earlier year.

In the fourth quarter, the company's net profit stood at Rs 4.26 crore (Rs 4.01 crore) and total income was Rs 20.8 crore (Rs 9.9 crore).

Expansion plans

The company said it is on target to complete the 50-hectare project by the end of December 2007. Further expansion of the Ethiopian facility by another 50 hectares and a proposed additional acquisition of 100 acres in Kenya will make Karuturi the largest cut rose producer in the world, it said in a news release.

The company has completed six strategic acquisitions of over 25 hectares of greenhouses across the country and successfully relocated them to Ethiopia. It expects to complete another greenhouse acquisition in Europe and Kenya.

"Karuturi Networks intends to start product rollout of bottled gherkins in the first quarter of fiscal 2006/2007 and ship up to four containers per day. The company has received a firm order for bottled gherkins for Rs 300 crore over a five year span,'' the company said in a news release.

Shares of Karuturi fell by Rs 6.25 in Monday's trade on the BSE to Rs 149.40.

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