23 July 2009 12:51 [Source: ICIS news]
NEW DELHI (ICIS news)--India’s Deepak Fertilisers and Petrochemicals Corporation Limited (DFPC) posted a 15.34% year-on-year fall in first-quarter net profits due to declining sales and production, the company said on Thursday.
Net profit decreased to Indian Rupees (Rs) 389.1m from Rs448.8m in the same period a year ago. Net sales fell by 37.3% to Rs2.38bn from Rs3.27bn. Operating profit in the April to June period was down by 31.2% to Rs428.5m from Rs562.3m ($11.6m).
Company sales decreased due to temporary repairs at its nitric acid plant and a planned shutdown of its ammonia plant. The prevalence of relatively lower prices in the fertilizer sector and across key chemicals like isopropyl alcohol (IPA) contributed to the downslide, the company said in a statement.
DFPC said it had checked the decline in profitability through “good input price management”.
The company said it had restarted methanol production as prices began to stabilise. “Capacity utilisation will increase in subsequent quarters with an expectation that prices are now firmly stabilising,” it said.
DFPC operates its production complex at Taloja near Mumbai in ?xml:namespace>
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