I G Petro's gross profit up by 634 per cent in Q3

Mumbai, Jan 23 (UNI) I G petrochemicals Limited (IGPL), one of the largest producers of Phthalic Anhydride (PAN), has shown an increase of 634 per cent in gross profit for the quarter ended December 31.

The company reported a net sales of Rs 149.60 crore, gross profit of Rs 21.07 crore and net profit of Rs 10.87 crore as against Rs 98.46 crore, Rs 2.88 crore and net loss of Rs 15.63 crore, respectively, for the same period last year, a company release here today said.

I G Petrochemicals Limited for the period of nine months reported a net sales of Rs 448.09 crore, gross profit of Rs 54.37 crore, net profit of Rs 25.48 crore as against Rs 259.38 crore, Rs 3.38 crore and net loss of Rs 34.09 crore, respectively, for the same period last year. The company has reported a study growth in the profit during the three quarters of the financial year 2006-2007.

Commenting on the quarter's performance, Managing Director of IG Petrochemicals, Nikunj Dhanuka said, ''I G Petro's remarkable performance was mainly due to better planning and efficiency in operations coupled with good market conditions.'' UNI