Indo Rama Synthetics FY07 net dips 60%

MUMBAI: Indo Rama Synthetics today posted a 60 per cent drop in net profit for the year ended March 31, 2007 to Rs 20.64 crore as compared to Rs 51.83 crore in the previous fiscal.

However, the polyester manufacturing company's total income increased 7.17 per cent to Rs 2,072.46 crore during the year as against Rs 1,933.67 crore for 2005-06.

The net profit for the fourth quarter ended March 31, grew 91 per cent to Rs 6.69 crore from Rs 3.5 crore in the same period a year ago.

Total income rose 20.49 per cent to Rs 636.23 crore for the last quarter of 2006-07 from Rs 528.03 crore registered in the corresponding period of previous fiscal, the company informed the Bombay Stock Exchange.

Indo Rama Synthetics recently launched its second plant at its integrated complex at Butibori near Nagpur, taking the annual production capacity of polyester staple fibres, filament yarns and textile grade chips from three lakh metric tonnes to six lakh metric tonnes.

The expansion was completed at a project cost of Rs 900 crore over a period of 2.5 years. PTI