Indo Rama’s post-tax profit drops 85 percent

June 30th, 2008 - 11:15 pm ICT by IANS  

Kolkata, June 30 (IANS) Polyester manufacturer Indo Rama Synthetics (India) Limited’s profit after tax (PAT) dropped by 85.4 percent to Rs.30 million for the financial year ended March 31 compared to Rs.200 million during 2006-07. The net sales for 2007-08 rose from Rs.20.11 billion to Rs.25.45 billion by 26.5 percent. The fourth quarter net sales stood at Rs.6.44 billion, up by 5.02 percent as compared to Rs.6.13 billion in the corresponding period in 2006-07.

“Our performance during the year, especially in the second half of the year, was impacted by lacklustre performance of the textile industry, which affected polyester demand and margins,” the company’s chairman and managing director O.P. Lohia said Monday.

The board of directors at its meeting declared an annual dividend of 10 percent, that is, Re.1 per equity share.

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