30 July 2008 14:31 [Source: ICIS news]
MUMBAI (ICIS News)--India’s Tata Chemicals posted a 51% year-on-year drop in its first-quarter net profits to rupees (Rs) 586.7m ($13.7m), being negatively impacted by adverse exchange rate movements and deteriorating economic conditions, a company official said on Wednesday.
For the quarter ended 30 June, the company’s net sales rose 80% to Rs12.1bn, while its operating profits fell 2.8% to Rs1.70bn, the world's second largest soda ash producer said.
Quarter over quarter, the company’s net profits were down 53.2%, while its net sales saw a marginal decline to Rs12.07bn.
For the period, the company’s operating profits fell 23% compared with the last quarter, Tata added.
Shares of the company were up 1.19% to close at Rs305.90 on the Bombay Stock Exchange.
($1 = Rs42.63)
Aaron Rodrigues contributed to this article
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