Indo Rama Q2 profit down its Rs 8.37 cr from Rs 33.67 cr

New Delhi, Oct 17 (UNI) India's largest dedicated polyester manufacturer Indo Rama Synthetics Ltd. (IRSL) today reported a net profit of Rs 8.37 crore for the second quarter ended September 30, 2006, as compared to Rs 33.67 crore during the corresponding quarter last year.

IRSL also reported a decline in its net turnover by 13.9 per cent at Rs 393.03 crore during the quarter, as against Rs 456.74 crore in the same quarter in 2005-06.

EBITA, was recorded at Rs 43.8 crore as against Rs 75.19 crore in the corresponding period last year.

Company's net profit in the last six months (April-September) also dropped 75 per cent at Rs 10.91 crore compared to Rs 43.70 crore during the same period last year, while net turnover saw a decline of 9.9 per cent ot Rs 861.41 crore compared to Rs 955.59 crore in the same period last year. EBITA was recorded at Rs 78.34 crore lower by 32.9 per cent from Rs 116.83 crore.

Announcing the quarterly and half-yearly results, Mr O P Lohia, IRSL Chairman and Managing Director, told reporters that ''with the commissioning of the new lines in our POY unit and with our ongoing programme for doubling the capacity in PSF in its final stage, our expansion programme is on track. IRSL now possesses the sale and stature to be a leading player both domestically and internationally in the fast growing polyster segment. With further input capacities coming up, I look forward to a strong performance going forward.'' Mr Lohia further said that going foward the softening of crude and raw material prices and their adequate availability bode well for the company's business for the future.

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