Southern Petrochemicals Industries Corporation standalone net profit rises 142.86% in the March 2019 quarter
Southern Petrochemicals Industries Corporation Ltd (SPIC) on Friday announced it posted a profit after tax of Rs 14.60 crore for the quarter ending June 2019.
The city-based company had recorded a net loss at Rs 54.93 lakh in corresponding quarter of previous year.
However, total revenues for the April-June 2019 quarter slipped to Rs 554.22 crore from Rs 574.81 crore registered year ago.
Commenting on the financial performance, SPIC Chairman Ashwin Muthiah said the company's profitability performance in the quarter was reflective of streamlined inventory management and efficient logistics.
"Even though our revenues have witnessed a marginal downturn, I am confident that the sales will pick up pace in the ensuring quarters. The company's bottom line in the quarter is reflective of our focus on profitable growth", he said.
He said the company expected the growth momentum to accelerate further with the government's push to the agriculture sector.
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