25 April 2008 20:09 [Source: ICIS news]
NEW DELHI (ICIS news)--Indian chemical producer SRF reported on Friday a 41% fall in operating profits due, in part, to a drop in income derived from the sale of carbon credits.
The company's operating profits were Indian Rupees (RS) 3.29bn ($82m) for the fiscal year ending on 31 March, down from Rs5.55bn for the previous year.
In addition to carbon credits, the company attributed the drop to unfavourable currency conversions versus the US dollar.
Net sales were Rs16bn, down from Rs18bn. Expenditures rose slightly to Rs13bn.
SRF should perform better for the upcoming fiscal year due to rising demand for technical textiles and packaging films, said Ashish Bharat Ram, SRF managing director.
The company also expects to benefit from projects worth Rs5.5bn. They include a 27,000 tonne/year polyester-film line and a 14,400 tonne/year polyester industrial yarn plant.($1 = Rs40.09)
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