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Clariant records sales of Rs 84 cr
E-Tex Staff - Mumbai
Clariant (India), an affiliate of Swiss multinational, manufacturer and supplier
of dyes and speciality chemical products for textile, leather and paper has
recorded sales turnover of Rs 84 crore in the second quarter of current financial
year 2004-05 against Rs 82 crore for the same period in the previous financial
year.
Domestic sales growth of 17 per cent during the period has offset negative growth
in export sales resulting into marginal growth of 3 per cent in net sales over
the same period in the previous financial year. In view of lower income from
other sources, the company has reported a net profit (after provision for tax)
of Rs 5.21 crore as compared to Rs 6.15 crore for the same period in the previous
year.
Continued week demand from European markets, congestion of ports and poor logistic
facilities have made adverse impact on export sales during the period. However,
aggressive promotion of products in domestic markets resulted into impressive
sales performance by all product segments. Supply gap of certain basic raw material
and continued scaling up of prices of input materials kept pressure on operations
and margins. High volatility in interest rates for securities coupled with adverse
impact of higher taxes on income from investment in debt oriented mutual funds
wherein the company’s surplus funds are invested resulted into much lower
income from other sources as compared to the same period in the previous year.
In spite of difficult conditions, the company has been able to sustain its benchmarking
efficiency in management of working capital. The company is looking for sustained
overall performance for the full year. The board of directors of the company
has approved the payment of interim dividend of Rs 5 per share (50 per cent)
for the financial year 2004-05.
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