Mastek announces 1:1 bonus, announces 40%

Mastek Ltd. has recommended a 1:1 bonus issue as well as a

dividend of 40 per cent from 35 per cent. Mastek reported a higher net profit of

Rs. 9.94

crores for the year ended June 30, 1999, as against the earlier announced figure of

Rs.

7.92 crore (unaudited). Software revenues were at Rs. 166 crores, a growth of 65 per cent

over the previous year.

Group international revenues were up 68 per cent over the

previous year and US revenues 98 per cent over the previous fiscal year. Depreciation

amounted to Rs. 4.42 crores, interest Rs. 1.99 crore and profit before tax for the group

Rs. 12.15 crore. Tax was at Rs. 2.21 crore.

According to audited accounts, the group earnings per share

(EPS) was Rs. 25.13 for 1998-99, return on net worth 30 % and return on capital employed

27 per cent.

Mastek has subsidiaries in the US, UK, Germany and

Singapore. The company is focussing on the fast growing US, European and Japanese markets.