Goa Carbon Q1 net jumps 237 pc

Mumbai, Oct 31 (UNI) Goa Carbon Ltd (GCL), a part of Dempo Group and the second largest manufacturer of Calcined Petroleum Coke (CPC) in the country, has posted a 237 per cent rise in the net profit for the first quarter at Rs 35.15 lakh as compared to Rs 10.42 lakh recorded in the corresponding quarter of the previous fiscal.

A company's release issued here today said net sales grew by 11 per cent at Rs 31.76 crore as compared to Rs 28.65 lakh in the corresponding quarter previous year.

For the first quarter, Paradeep Carbons Ltd (PCL), a 100 per cent subsidiary of GCL, has recorded a gross turnover of Rs 21.34 crore and a net profit of Rs 1.08 crore. For the 12-month period ended June 2006, PCL had recorded a turnover of Rs 126.36 crore and a net profit of Rs 4.16 crore.

Commenting on the performance, GCL's Executive Chairman Shrinivas Dempo said, ''It is very fulfilling indeed to announce that despite high FoB (frieght on board) price and high ocean freight costs, we have managed to record good numbers for the first quarter of the financial year. This financial year, we are looking forward to a few expansion and modernisation projects at our Goa and Paradeep plants, which will help us improve our synergies and help us maintain a pattern of consistent growth in quarters to come.'' In the first quarter of the last financial year, the Board of Directors of GCL had approved the merger of PCL with GCL. While, the final approval from the Bombay High Court, (Goa Bench), is awaited, the merged entity will have a total capacity of 2,40,000 TPA (tonnes per annum). The approval is expected soon.

PCL has also recently bagged an annual order from National Aluminium Company (NALCO) to supply 52,800 MT of CPC, worth Rs 63 crore. The order will be executed from PCL's plant at Paradeep, Orissa and the finished material (CPC) will be supplied to Nalco's smelter located at Angul, also in Orissa.

Goa Carbon's domestic customers include Nalco, Hindalco, Indal, Malco, Balco and others apart from Aluminium Pechiney, France, with whom GCL has a long-term supply agreement, exports are also made to Australia, Egypt, Dubai, Kuwait, Iran, Saudi Arabia, Singapore, Malaysia, Indonesia, Thailand, South Africa, Russia, Wales and England.

UNI SN MJ AW1635