Calcutta, Nov 7: Jenson & Nicholson (India) Ltd posted a net sales of Rs 70.49 crore for the six month period ended September 1997. The company had registered a net sales of Rs 61.75 crore for the corresponding period in the previous year.

The half yearly audited results were finalised at a board meeting in Calcutta on Friday.

The Calcutta-based paint company's gross profit after interest but before depreciation and tax was Rs 3.035 crore against Rs 1.29 crore for the same period in the year 1996.

Its profit before tax at Rs 1.17 crore was up from the previous year's Rs 68.69 lakh and net profit stood at Rs 1.16 crore against the previous year's Rs 59.69 lakh.

During the period, 5,70,000 cumulative redeemable preference shares (at 14.5 per cent interest) of Rs 100 each were issued at par on a private placement basis.

With its eye on the expanding paints market, the company had entered into several expansion and modernisation ventures. One such venture aimed at entering the architectural segment in the country was the Instacolour project with Finland's Tikkurila OY.

The project which started with an offer of 626 shades in two products stands expanded to over 25000 shades over six products. The options now cover sheen emulsion, acrylic emulsion, enamel, lustre enamel, quartz exterior finish and acrylic exterior finish.

The project was reported to have boosted the company's performance for the year 1996-97 by about 8 per cent in terms of value and 3 per cent in terms of volumes.

To tap the marine market, the company entered into a technical collaboration with the Japan-based Chugoku Marine Paints, international players in marine paints, container paints and heavy duty coatings.

The company's industrial electronics division was spun off into a separate company with effect from April 1, 1996, to form Shenck Jenson & Nicholson Sensors Ltd.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.