Finolex Cables Q1 net spurs 68 pc

Mumbai, July 28 (UNI) Finolex Cables has posted a net profit of Rs 22.56 crore for the quarter ended June 30, 2006, as compared to Rs 13.42 crore for the same quarter last fiscal.

Announcing the results, the company said its total income has increased from Rs 157.14 crore for the quarter ended June 30, 2005, to Rs 225.29 crore for the quarter ended June 30, 2006, a jump of 68 per cent.

Commenting on the performance of the company, its Managing Director Deepak Chhabria said, ''For the last few quarters, we have witnessed a consistently strong demand for cables inspite of high copper and other raw material prices. The cable and wire industry is performing well.'' Referring to FCL's decision to establish a manufacturing base in Northern India, Mr Chhabria said, ''We intend to remain close to the fast growing Northern and Eastern Indian markets, where people are demanding high quality and safe products like our cables. To service them better, we have decided to set up manufacturing facility near Roorkee in the Uttaranchal State. And the investment should substantially benefit the company.'' UNI SN GK SKB1737