India’s GSFC nearly doubles Q2 net profit

27 October 2008 14:19  [Source: ICIS news]

NEW DELHI (ICIS news)--India’s Gujarat State Fertilizers & Chemicals (GSFC) increased net profit 94.73% to rupees (Rs) 1.59bn ($32m) in July-September 2008 from Rs816.1m a year ago on increased fertilizer sales and operating profits, it said on Monday.

GSFC’s net sales increased by 59.32% to Rs17.36bn from Rs10.9bn year on year.

The chemicals division, which includes caprolactam and nylon products, also boosted its sales but suffered a decline in its operating profit.

The chemicals division increased its sales to Rs3.15bn from Rs2.96bn year on year. The division’s profit before interest and tax (PBIT) decreased to Rs427.8m from Rs646.7m year on year.

Operating profit before interest, tax and investment-related other income grew by 113.86% to Rs2.17bn from Rs1.02bn year on year.

Fertilizer sales increased to Rs14.21bn from 7.94bn year on year. The division’s PBIT profit went to Rs1.92bn from Rs531.1m year on year.

GSFC produces urea, diammonium phosphate (DAP) and ammonium sulphate fertilizers. Its chemical business produces nylon, caprolactam, methacrylate monomer and polymethyl methacrylate sheets and pellets.

($1 = R49.76)

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By: Naresh Minocha
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