AP Paper Q3 net slides 12 pc

Andhra Pradesh Paper Mills reported a 12.5 drop in net profit in the third quarter of 2010-11 at Rs 8.19 crore compared with Rs 9.37 crore in the same period of last year. Its total income grew 8.6 percent to Rs 175.9 crore (Rs 161.98 crore), leading to a 9 percent increase in operating profit at Rs 20.27 crore (Rs 18.57 crore). On the expenditure side, raw material costs went up 32 percent to Rs 52.6 crore and power and fuel costs rose 49 percent to Rs 24.4 crore. The company said the retro-spective settlement of wage revision amounting to Rs 3.85 crore impacted the profits.