Styrenics major Supreme Petrochem Ltd (SPL) announced Q2 and Half yearly results for the period ended December 31, 2009. This quarter operating margins have risen to Rs.29.50 crores from a loss of Rs.36.88 crores, with a Profit Before Tax of Rs.20.69 crores against a loss of Rs.46.60 crores in the previous year. Quarter On Quarter PBT has also risen by 10% from Rs.18.82 crores in the previous quarter.
Half yearly post tax profits are Rs.27.11 crores as against a loss of Rs.45.75 crores in the corresponding period in the previous year. Net sales rose to Rs.734.21 crores (previous year Rs.689.85 crores), depreciation Rs.10.66 crores (previous year Rs.9.06 crores) and interest Rs.8.37 crores (previous year Rs.10.38 crores).
Commenting on the results for the half year ended December 31, 2009, SPL’s Chairman – Shri M. P. Taparia attributed the improved showing to the Company’s focus on products and markets giving better netbacks, improved efficiency and to the improving domestic markets. He explained that besides Polystyrene, other polymers of Styrene viz. Expandable Polystyrene and Speciality Polystyrene are also contributing to the improved profitability. Extruded Polystyrene Insulation Board (XPS) has been well accepted in both domestic and export markets. Company is working on improving the reach of this product.
“We expect the share of such value added products in the Company’s turnover and profitability to increase steadily in future”, he added.