Finolex Q1 net up by 68%

New Delhi, July 28 (UNI) Finolex Cables (FCL) today reported a 68 per cent increase in net profit at Rs 22.56 crore for the first quarter ended June 30, 2006 as compared to Rs 13.42 crore for the same quarter last year.

The total income increased 43 per cent to Rs 225.29 crore for Q1 FY07 from Rs 157.14 crore for Q1 FY06.

''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,'' FCL Managing Director Deepak Chhabria said.

Referring to FCL's decision to establish a manufacturing base in Northern India, he said, ''We intend to remain close to the fast growing Northern and Eastern Indian markets and thus decided to set up manufacturing facility near Roorkee in Uttaranchal. The investment should substantially benefit the company.'' UNI CS PV DS1430