Pune, May 26: Finolex Industries Ltd (FIL) has made a dramatic improvement in its bottomline and registered profit for the first nine months ending April 30, 1999. For the same period last year, the company had registered losses. Profit for the first nine months this year is Rs 24.52 crore.During the previous year, the company had made losses of Rs 16.14 crore for the same period. Sales in 1998-99 were at Rs 163 crore, up 17.3 per cent from Rs 139 crore a year ago, a company official said.The company has attributed this good performance to higher margins, cost control and restructuring of marketing policies. Total income for the nine period was Rs 478.29 crore. Gross profit is Rs 94.68 crore for the same period.
Finolex's PVC plant at Ratnagiri has produced 103,762 tonnes between August 1998 to April 1999, recording a growth of 17 per cent. The Finolex pipes division at Pune produced 22,282 tonnes between August 1998 and April 1999. The pipes division has registered a 16 per cent growth.
The pipesdivision supplied `Ringfit' pipes for the first time in the country on a large scale and it is these new products which aided the company's good performance. It offers a wide range of PVC pipes andfittings for diverse applications ranging between 20 mm diameter and 400 mm diameter. The PVC plant at Ratnagiri boasts of the only open sea cryogenic jetty in the private sector. The jetty unloads cryogenic cargoes such as LPG and ethylene. The LPG facility is being used by Bharat Petroleum Corporation Limited on a license basis.
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
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