Polyester manufacturer Indo Rama Synthetics reported a standalone net loss of Rs 58.40 crores for the December quarter on account of inventory losses due to falling crude oil prices. The company had posted a standalone net profit of Rs 97.38 crores, same quarter, a year ago. However, net sales during the October-December quarter, increased 11.46 per cent to Rs 648.80 crores against Rs 582.07 crores a year ago, Indo Rama said in a statement.
Sales have registered a growth of nearly 20 per cent in volume at 74,000 tons during the quarter under review as against 58,000 tons in the same quarter last fiscal due to market demand and falling prices. With the improving economic conditions, the company expects to perform better in the coming quarters.
Indo Rama Synthetics is one of the India's largest dedicated polyester manufacturers with an annual capacity of around 6.10 lakh tons per annum. The company is listed on the Indonesia Stock Exchange. The company exports to its customers in North America, Europe, South America, Asia, Australia and the Middle East.
www.indorama.com
