02 July 2007 07:59 [Source: ICIS news]
MUMBAI (ICIS news)--Indian Petrochemicals Corp Limited (IPCL) posted a 24.5% surge in its fourth-quarter operating profit to Indian rupees (Rs) 6.4bn ($158m), the company said late on Saturday.
The company’s fourth-quarter net sales rose 30.8% to Rs30.07bn, but net profit fell 92.7% to Rs180m as it incurred extraordinary expenses of Rs4.7m during the period.
IPCL’s extraordinary expenses included a Rs3.7bn payment for separation schemes and a Rs940m payment for dimunition in the value of investment in equity shares of two companies.
For the quarter, profit before tax was up 30.5% at Rs4.6m, the company said.
For the year ending 31 March 2007, the company reported a rise in operating profit of 27.6% at Rs27.7bn, but a drop of 11.3% to Rs10.3bn for net profit.
($1 = Rs40.5)
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