Business Daily from THE HINDU group of publications
Wednesday, Jan 21, 2009
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Business Daily from THE HINDU group of publications Wednesday, Jan 21, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Corporate
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Financial Performance Corporate Results - Paper, Board & Newsprint JK Paper Q3 net dips on high input costs Our Bureau New Delhi, Jan. 20 JK Paper Ltd has posted a dip in its net profit at Rs 3.57 crore for the quarter ended December 31, 2008 as against Rs 7.93 crore in the corresponding period last year. The gross sales stood at Rs 313.07 crore, registering a 23 per cent rise. The increase in sales and PBIDT is due to rise in sales volume from the new packaging board business and better profitability on coated paper. The production for the quarter was 62,734 tonnes, higher by 19 per cent and sales stood at 60,963 tonnes, higher by 12 per cent compared to corresponding quarter last year. Gross sales for the nine months period (April-December 2008) was up 35 per cent at Rs 959.14 crore, and PBIDT up 19 per cent at Rs 140.11 crore. Mr Harsh Pati Singhania, Managing Director, said, “Demand for the company’s products remained strong for most of the quarter. However, the global economic turmoil and slow-down in the Indian economy started impacting the domestic paper industry towards the end of the quarter.” He said interest and depreciation charges were higher by Rs 6.93 croredue to commencement of packaging board operations and higher interest rates on working capital. Higher cost of imported pulp, chemicals and coal purchased from domestic open market also affected profitability. Net profit was further impacted by provisioning of unrealised foreign exchange loss of Rs 2.30 crore for the quarter, as required under Accounting Standard -11. However, with recent softening in chemicals and imported pulp prices, the company hopes to achieve better profitability in the coming quarters.” More Stories on : Financial Performance | Paper | rd & Newsprint
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