JBF Industries net jumps five-fold in Q3 at Rs 185.61-crore

MUMBAI: Petrochemicals player, JBF Industries, has registered an over five-fold jump in net profit in the third quarter to Rs 185.61-crore as compared to the year-ago period, helped by a steep rise in the price of one of its major products, polyester films.

Prices of BOPET films used in packaging were "very buoyant" during the quarter and more than doubled to up to USD 4,000 per tonne as the world emerged out of a financial slowdown, the company's Managing Director, Rakesh Gothi, told reporters here today.

The films division, though lowest by revenues, delivers the maximum profits for the company followed by the chips and POY divisions which also witnessed a good growth, he said.

The company will be spending USD 71-million for augmenting its capacities in facilities in the United Arab Emirates and up to Rs 27-crore for India operations during the calendar year, he said.

The company is targeting to close FY 11 with a net profit of Rs 500-crore as compared to Rs 129-crore it had recorded last year, he said.