Supreme Petrochem net for nine months up by 93 per cent
Our Corporate Bureau
26 April 2005
Mumbai: Polystyrene major, Supreme Petrochem Ltd. (SPL) has posted impressive results for the nine months ending 31st Mar.2005.
While sales, net of excise, have risen to Rs1,025 crore, as against Rs800 crore for the corresponding period, net profits have also risen to Rs49.30 crore, as against Rs25.52 crore for the corresponding period in the previous year. The earning per share has risen to Rs5.05 from Rs.2.61.
Profits for the quarter ending 31st Mar.2005 were at Rs22.69 crore, as against Rs14.07 crore for the corresponding quarter.
The Board of Directors, at their meeting held on April 19, 2005 has declared an interim dividend of twelve per cent, on an equity share capital of Rs97.51 crore. The total outflow, inclusive of dividend tax, will be at Rs13.34 crore. The company has declared May 5, 2005 as the record date for the payment of dividend.
SPL, meanwhile, is expanding its polystyrene capacity to 3,00,000 TPA in stages, with full capacity expected to be operational by April 2006. The company has also commenced implementation of its Expandable Polystyrene (EPS) project. The project with a capacity of 60,000 TPA is scalable to 1,20,000 TPA and is scheduled for completion by June 2006. EPS is a value added product and will contribute substantially to the company''s revenues.
Work is also progressing on a minor port located at Dherand in the Raigad dist. of Maharashtra. The jetty coming up here, once completed by Oct. 2006, will result in huge savings for the company in transportation costs, being located just thirty five kms from the company''s manufacturing plant. The jetty, initially, will operate in a captive capacity for the company but in the future may be converted into a profit center of its own. The company currently routes its materials through the Bombay Port Trust and the JNPT. The capital expenditure on all these projects will be funded through a mix of ECBs and internal generations.