West Coast Paper net profit up 35%

Written by Corporate Bureau | Kolkata, Jan 28 | Updated: Jan 29 2008, 06:13am hrs
The West Coast Paper Mills Ltd has reported a net profit after tax of Rs 22.11 crore on a total income of Rs 147.47 crore for the quarter to December 31, 2007, against a net profit of Rs 16.26 crore on a total income of Rs 136.89 crore for the same period of the previous year.

The company said it had made global depository receipt/ qualified institutional placement issues in November and December 2007, raising Rs 85.46 crore. Of this, it has used Rs 67.46 crore so far.

For the nine months to December 31, 2007, it has reported a 34% increase in profit after tax to Rs 64 crore and 7% increase in sales to 432 crore, citing a revision in sale prices, lower power & fuel cost on commissioning of FBC III boiler and improved working of cable division, coupled with foreign exchange gain.

"The working results would have been better but for the increase in the cost of raw material, furnace oil and salary/wage bill," the company said.