Mold-tek draws up overseas expansion

City-based Mold-tek Technologies Limited is expanding its operations in the UAE, Gulf countries, Europe and Australia to enhance its sales and achieve targeted growth, the company said in a filing to the BSE on Thursday.

The company has been demerged into two entities – Mold-tek Technologies Limited providing structural engineering knowledge process outsourcing (KPO) and Moldtek Plastics Limited manufacturing plastic packaging products. Subsequent to the scheme of arrangement, the share capital of Mold-tek Technologies, which was relisted on the BSE effective December 11, 2008, has been revised as Rs 3.59 crore.

Mold-tek Technologies reported a 4 per cent drop in its sales revenues for the nine-month period ended December 31, 2008, due to the slowdown in the construction activity in the US and other countries, the release added.

For the nine months ending December 2008, the company achieved a profit of Rs 4.48 crore (after adjusting the forex and derivative losses) working out to Rs 20.38 annualised earning per share.