April 4, 2024
admin
Liquor producer and distributor GM Breweries Ltd. has recommended issuing one bonus share for every four shares held by shareholders after its board meet on Thursday.
This is the fourth instance of the company issuing bonus shares to shareholders. It had earlier done so in 2014, 2016 and 2018. All the previous three instances also saw the company issue one free share for every four shares held.
The company’s revenue grew by 2.1% from last year to Rs.159.2 crore. GM Breweries reported an operationally weak quarter for the January – March period. The company’s net profit increased to Rs.86.6 crore from Rs.35.1 crore last year. However, the increase in the company’s bottomline can be attributed to a sharp rise in other income, which increased to Rs.70 crore from Rs.15 crore in the year-ago quarter.
