Haldia Petrochemicals PAT up 95 per cent

Kolkata, May 15 (UNI) Haldia Petrochemicals Limited today announced a total consolidated revenues of Rs 8376 crore for the last fiscal which was 21 per cent more as compared to Rs 6928 crore in 2005-2006.

The company has witnessed a profitable growth and strategic focus on value added services and international markets, a company release stated.

The company's consolidated profit after tax for 2006-07 stood at Rs 584 crore, an increase of 95 per cent from Rs 300 crore in the previous year.

The operating profit (EBITDA) increased by 25 per cent to Rs 1421 crore last year as compared to Rs 1138 crore in the previous year.

'' Our Net Profit after Tax has increased by a healthy 95 per cent. We want to continue to improve on our position as one of the leading polymers and chemicals manufactuters globally and intend to expand our market share, increase our production capacity and enhance our competitiveness in the coming years,'' HPL Managing Director Swapan Bhowmik said.

Total production in 2006-07 stood at 1416 KT as compared to 1390 KT in 2005-06, an increase of two per cent. Sales volume went up four per cent to 1373 KT in the year ended this March as compared to 1321 KT in the previous year.

'' We will be stressing on optimising asset utilisation, reducing operating and feedstock costs and developing new markets and products with increased margins to optimise product mix,'' Mr Bhowmik added.

The company also has plans to focus on leveraging location advantage to develop primary market in Eastern India and neighboring areas within and outside India.

UNI