Finolex Industries' profit down 50% to Rs 13.7 cr

Finolex Industries, the manufacturer of PVC pipes & fittings and PVC resins, has reported a sharp 50% year on year (yoy) decline in net profit at Rs 13.71 crore for the second quarter ended September 30, 2014 (Q2), due to lower sales and higher raw material cost. The company had registered a profit of Rs 27.42 crore in the same quarter fiscal.
 
Operational income of the company for the quarter decline 1% to Rs 386 crore against Rs 390 crore in the corresponding quarter of previous year. The raw material cost increased 6.6% to Rs 339 crore on yoy basis.
 
EBITDA or operation profit margin declined to 11.5% from 20.9% during the recently concluded quarter.