Finolex Q2 op profit lifted by higher pipes sales

23 October 2007 13:31  [Source: ICIS news]

MUMBAI (ICIS news)--Increased PVC pipes and fittings sales drove Finolex Industries's 16.6% year-on-year rise in its second-quarter operating profit to Indian rupees (Rs) 573.2m ($14.3m), the Indian producer said on Tuesday.

For the second quarter ended 30 September, the company’s polyvinyl chloride (PVC) pipes and fittings sales surged 63.8% to Rs1.3bn, while its PVC sales were 24.6% higher at Rs2.4bn.

For the first six months of 2007, Finolex’s PVC pipes and fittings sales jumped 37.7% to Rs2.2bn, while its PVC sales rose 13.6% to Rs3.8bn.

India’s second largest polyvinyl chloride (PVC) producer's net sales were 66.3% higher at Rs3.26bn for the second quarter, while net profit increased 19.6% to Rs239.1m.

Quarter on quarter, Finolex's operating profit rose about 15%, net sales were 16.84% higher and net profit increased about 20%.

Finolex operates a PVC resin plant with nameplate capacity of 260,000 tonnes/year at Ratnagiri in Maharashtra.

It also operates 70,000 tonnes/year of PVC pipes capacity at two units at Ratnagiri and Pune, also in Maharashtra.

Shares of the company closed up 3.34% at Rs74.30 on the Bombay Stock Exchange.

($1 = Rs39.72)

By: Divya Chowdhury
+65 6780 4359

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