INEOS Styrolution India Limited Announces Unaudited Earnings Results for Third Quarter and Nine Months Ended December 31, 2017
January 29, 2018 at 07:04 am
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INEOS Styrolution India Limited announced unaudited earnings results for third quarter and nine months ended December 31, 2017. For the quarter, the company reported revenues from operations of INR 4,530.41 million against INR 3,531.557 million a year ago. Profit before tax was INR 228.335 million against INR 92.337 million a year ago. Profit for the period was INR 143.078 million against INR 54.163 million a year ago. Basic and diluted earnings per share was INR 8.14 against INR 3.08 a year ago. Profit before tax was mainly affected due to demonetization.
For the nine months, the company reported revenues from operations of INR 14,401.73 million against INR 12,198.705 million a year ago. Profit before tax was INR 527.292 million against INR 614.819 million a year ago. Profit for the period was INR 340.236 million against INR 395.917 million a year ago. Basic and diluted earnings per share was INR 19.35 against INR 22.51 a year ago. Profit before tax was mainly due to sharp fall in raw material and finished goods prices, which caused inventory loss during first quarter April to June 2017. Revenue increased mainly due to increase in sales volume.
Styrenix Performance Materials Limited is an India-based company. The Company is a producer of Absolac (ABS). ABS is a plastic resin produced from Acrylonitrile, Butadiene & Styrene, used for manufacturing of home appliances, automobiles, consumer durables and business machines. The company is also a manufacturer of Polystyrene (PS) and ABSOLAN (SAN), which is a polymerized plastic resin produced from Styrene and Acrylonitrile, and mainly used for products, such as lightings, stationeries, novelties, refrigerators, and cosmetic packing. It is engaged in providing styrenic applications for various everyday products across a range of industries, including automotive, electronics, household, construction, healthcare, packaging, and toys/sports/leisure. Its products include Absolac ABS, Absolac High Heat ABS, Absolan SAN, GPPS, and HIPS. The Company operates its manufacturing facilities at Nandesari, Moxi, Katol and Dahej and research and development center at Moxi in Gujarat.