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Wednesday, Jul 26, 2006

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Corporate Results - Air-conditioners & Refrigerators
Blue Star Q1 net up 45 pc

Our Bureau

Mumbai , July 25

Blue Star has reported a 44.5-per-cent growth in its first quarter net profit at Rs 7.30 crore against Rs 5.05 crore in the corresponding quarter last year.

Total income increased by 35.9 per cent to Rs 312.82 crore (Rs 230.12 crore). Other income rose to Rs 0.49 crore (Rs 0.09 crore) and earnings per share to Rs 4.06 (Rs 2.80).

The central air-conditioning business continued to contribute significantly to the overall growth of the company. This business grew 36 per cent during the quarter over the same period last year. The cooling products business also performed well growing 45 per cent, and contributing to 36 per cent of the company's net sales.

During the quarter, the company bagged several orders including from Megapolis Mall - Thane, Franklin Templeton - Secundarabad and Infinity Benchmark - Kolkata.

"Although central air-conditioning remains our biggest business, cooling products have also grown impressively. While the rise in input costs of steel, copper and other metals remains a challenge, we have largely offset these with a focus on value engineering and a marginal increase in selling prices. I am confident that the company will continue its momentum of profitable growth," the company said in a press release quoting its Chairman and Managing Director, Mr Ashok M. Advani.

The company declared a dividend of 120 per cent. Shares fell by Re 1 on the BSE to close at Rs 603.

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