Kolkata, Sep 25 (IANS) Balmer Lawrie & Co Ltd, a diversified public sector conglomerate, is looking at acquiring a logistics firm with expertise in the exports segment, managing director S K Mukherjee said here Tuesday.
“We are looking at freight forwarders,” Mukherjee said, adding that the company was strong in imports.
The company is looking at acquiring a company with strength in outbound cargo, he said.
Balmer Lawrie also plans to sell its tea-blending unit in Britain by Oct this year.
“We want to complete the process of sale by October since we are not competitive in the market there,” Mukherjee said, adding that the company has sought the assistance of SBI Capital Markets Ltd to sell the unit.
Balmer Lawrie (Tea) Ltd, which the company wants to sell, is a wholly owned subsidiary of Balmer Lawrie (UK) Ltd.
Mukherjee announced the decision on the sidelines of the company’s 90th annual general meeting, where the shareholders approved a record dividend of 135 percent.
Mukherjee said 2006-07 saw Balmer Lawrie achieve a number of milestones by recording an all time high in turnover, profit before tax and profit after tax (PAT). In keeping with the excellent working results, the company has declared the highest-ever dividend.
During the year, the company’s turnover has increased to Rs.13 billion from Rs.12.52 billion, reflecting a rise of 3.8 percent.
Its PAT was Rs.1.06 billion as compared to about Rs.0.8 billion in the previous year, an increase of 31.3 percent. Similarly, net profit stood at Rs.700.22 million, showing an improvement of 50 percent over Rs.460.8 million achieved in the earlier year.
The company has decided to earmark up to 0.5 percent of its net profits towards various programmes in benefiting weaker sections of society.
Balmer Lawrie is a diversified multi-activity, multi-technology, multi-location conglomerate with interests in greases and lubricants, leather and functional chemicals, packaging, turnkey projects, tea exports, travel and tourism and cargo and logistics.