India’s Chemplast post Q1 net profit down 7 times

17 July 2008 16:41  [Source: ICIS news]

MUMBAI ICIS (news)--First-quarter net profits at India’s Chemplast Sanmar fell around seven times to Indian rupees (Rs) 10.4m ($243,000) for the year ended 30 June 2008 from Rs75.4m the year before, the firm said on Thursday.

The chlorochemicals and caustic chloride producer’s operating profit dropped 16.6% to Rs279.6m from Rs335.36bn for the same period a year earlier, but net sales rose 17.8% to Rs1.9bn from Rs1.6bn, the firm said.

Quarter on quarter, operating profit dropped 44% from Rs502.6m, while net profit was down 113% and its net sales rose to 9.2%.

Chemplast Sanmar shares closed down 4.45% at Rs6.73 on the Bombay Stock Exchange.

($1 = Rs42.70)

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By: Aaron Rodrigues
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