Styrenics major Supreme Petrochem Ltd (SPL) today announced Q2 and Half yearly results for the period ended December 31, 2009. This quarter operating margins have risen to Rs.29.50 crores from a loss of Rs.36.88 crores, with a Profit Before Tax of Rs.20.69 crores against a loss of Rs.46.60 crores in the previous year. Quarter On Quarter PBT has also risen by 10% from Rs.18.82 crores in the previous quarter.
Half yearly post tax profits are Rs.27.11 crores as against a loss of Rs.45.75 crores in the corresponding period in the previous year. Net sales rose to Rs.734.21 crores (previous year Rs.689.85 crores), depreciation Rs.10.66 crores (previous year Rs.9.06 crores) and interest Rs.8.37 crores (previous year Rs.10.38 crores).
Commenting on the results for the half year ended December 31, 2009, SPL's Chairman – Shri M. P. Taparia attributed the improved showing to the Company's focus on products and markets giving better netbacks, improved efficiency and to the improving domestic markets. He explained that besides Polystyrene, other polymers of Styrene viz. Expandable Polystyrene and Speciality Polystyrene are also contributing to the improved profitability. Extruded Polystyrene Insulation Board (XPS) has been well accepted in both domestic and export markets. Company is working on improving the reach of this product.
"We expect the share of such value added products in the Company's turnover and profitability to increase steadily in future", he added.
About SPL :
Supreme Petrochem Ltd has been jointly promoted by The Supreme Industries Ltd, India's largest plastic processors, and the Rajan Raheja Group. The company commands close to 50% market share in the polystyrene business in India, and has a manufacturing capacity of 272,000 TPA. It is also a leading producer of specialty compounds and masterbatches for the automotive, styrenics and other plastics industry in the country. It is also a manufacturer of Expandable Polystyrene (EPS) and has recently started manufacture of Extruded Polystyrene Insulation Board (XPS). The company offers a comprehensive range of all key grades of polystyrene – crystal, impact and specialty.
To view the Unaudited Financial Results, click the link below:
Unaudited Financial Results