Dhunseri Perochem to commission Egypt's PET resin project in December

Dhunseri Perochem & Tea Ltd (DPTL) is expected to commission its polyethylene terephthalate (PET) resin production line at its Egypt facility by the end of this month. In a filing to BSE, the company stated that the mechanical completion of both lines at its Egypt facility is expected by November 30, 2013. Dhunseri Perochem is expected to start first line by December 31, 2013, while the second line by February 28, 2014.
 
Start-up of the project, which was scheduled for commissioning in the first quarter of 2013, had to be postponed to December due to the civil unrest in Egypt. Cost of the 4.3-lakh-tonne PET project has also reportedly escalated from initial planned Rs 900 crores to present approximately Rs 1,122 crores. The Egypt facility will cater mainly to markets in Africa, Europe, West Asia and the US.
 
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Investment in Egypt is part of Dhunseri Perochem’s expansion plans, which also saw commissioning of second PET resin facility at Haldia in West Bengal in October last year.
 
Meanwhile, Dhunseri Perochem recorded net sales of Rs 1011.53 crores for the quarter ended September 30, 2013, up by 117% compared to Rs 465.13 crores for the corresponding quarter in the previous year. However, its profit after tax for Q2 of 2013-14 was down by 15.6% to Rs 40.20 crores compared to Rs 47.62 crores in the same period previous year.