Supreme Petrochem net profit down for Q1 FY 2013

Supreme Petrochem Ltd (SPL) a Styrenics major and the largest polystyrene producer in India has declared that its Q1-FY13 net profit was down at Rs 4.6 crore versus Rs 21 crore, and net sales were up at Rs 597 crore versus Rs 512 crore. The Board of Directors, in its meeting held on July 18, 2012, has recommended a Dividend of Rs1.40 per equity share of Rs10 each for the year 2011-12. SPL has reported net revenues of Rs 2272.67 crores for the year ended June 30, 2012 as compared to Rs 1943.49 crores in the preceding year. Net profit was Rs 313.7mn for 2011-12 as compared to Rs 87.69 crores for 2010-11. The company was impacted by a fall in export sales due to overall down turn in various regions of the global economy compounded by continuing disturbances in many countries in Gulf region and ongoing debt crises in Europe, continuing depreciation in the value of Rupee in parity to US Dollar and wide fluctuation in all major raw material prices. These factors not only increased the cost but also resulted in lower volume sales in particular to the price sensitive sectors thus putting pressure on the margins of the Company.
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